NEWPORT BEACH, CA – August 3, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $16.3 million sale of two single-tenant Albertsons grocery stores totaling 97,021 square feet in Renton and Milton, Washington.
HFF marketed the two properties on behalf of the seller, HH Property North, LLC. CE Enterprise Partners, LLC purchased both properties.
The sale included a 43,130-square-foot store in Renton, which was renovated in 2015. The building is triple net leased to Albertsons through 2035 and is located 18 miles southeast of Seattle’s city center. The 3.55-acre property benefits from strong demographics; within a three-mile radius of the store, there are more than 98,000 residents with an average annual income of more than $96,000.
The second property is located approximately eight miles east of Tacoma and 27 miles south of Seattle. Situated on 4.2 acres at the intersection of Milton Way and State Route 161, the property is in a trade area with 65,400 households living within a five-mile radius with an annual household income of more than $76,000. The 53,891-square-foot building is triple net leased to Albertson’s through 2035.
The HFF investment sales team representing the seller was led by Nick Foster, Mark West and Nick Kassab. Bob Tuller of Cushman & Wakefield’s San Francisco office represented the buyer.
“These two properties generated exceptional interest given the strength of the tenant, long-term nature of the leases and dynamic retail locations,” Foster said.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.