PORT ORCHARD, WA, May 4, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Towne Square Retail Center, a 154,604-square foot retail property located in Port Orchard, WA, according to Joel Andrew Deis, regional manager of the firm’s Seattle office. The asset sold for $9,400,000.
Clayton J. Brown and Ruthanne Romero, investment specialists in Marcus & Millichap’s Seattle office, had the exclusive listing to market the property on behalf of the seller, a private investor.
Towne Square Retail Center is a Grocery Outlet, Goodwill and Ace Hardware anchored shopping mall with a two story, interior mall space with over 100 tenants. The Property is located at 1700 SE Mile Hill Dr in Port Orchard, WA and sold for well below replacement cost. The Buyer for this asset plans to renovate the Property, increase occupancy levels and improve management systems to increase the profitability and curb appeal of the Property.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.