Colliers International Facilitates Sale of Rite Aid-occupied, Stand-alone
Hoquiam, WA, March 17, 2020 – A 17,384-square-foot, stand-alone retail property located at 3130 Simpson Avenue in Hoquiam, WA recently sold for approximately $7.5 million. The Lloyd Wells Gift Trust purchased the building at a 7.5% cap rate from Smith Legacy LLC.
Colliers International’s Reza Ghobadi of the firm’s Encino, CA office worked with Ryan Marn of the Seattle, WA office to connect the seller and buyer in the transaction.
Occupied by Rite Aid on a long-term NNN lease, the building is located at the intersection of Simpson Avenue and Myrtle Street along one of Hoquiam’s primary commercial corridors. This allows for service not just to Hoquiam, but also to the local communities of Aberdeen, Grays Harbor and Cosmopolis. Other nearby retailers include Dollar Tree and Anytime Fitness.
Mr. Ghobadi noted that, “The Simpson Avenue asset represents a stable investment in an established community. Both the buyer and seller achieved their goals in the transaction.”
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment.