Vancouver, Wash. – CBRE announced the sale of Hazel Dell Towne Center, a 264,000-square-foot Kohl’s-anchored power center located in Vancouver, Wash. to Transnational Management for $28.84 million.
Philip D. Voorhees, Jimmy Slusher and James Tyrrell of CBRE’s National Retail Partners (West), along with Dino Christophilis and Daniel Tibeau of CBRE’s National Retail Partners (Northwest), represented the seller, a partnership managed by Pine Tree, in the transaction.
Hazel Dell Towne Center is located at 8801 N.E. Hazel Dell Ave. The property is 87 percent leased to Kohl’s, Office Depot, Petco, Party City, Gold’s Gym, Craft Warehouse, America’s Best Massage Envy, among others, and is shadow anchored by Target. The center is occupied by 21 local and national retailers.
“The Vancouver submarket is steadily growing while demand for performing suburban power centers remains strong post COVID,” said Christophilis. “Hazel Dell Towne center checks all the boxes with upside through stabilization and NOI growth.”
Built between 2005 and 2007, the center sits on 23 acres and benefits from over 1,150 feet of frontage along Interstate 5, where traffic counts exceed 97,000 vehicles per day.
“The sale of Hazel Dell Towne Center was a great result for the seller who benefitted from our National Retail Partners’ broad-based marketing campaign that enabled us to identify and qualify Transnational Management from a competitive bidder group of well-known private and institutional cohort,“ said CBRE’s Slusher. “CBRE’s marketing efforts produced 13 offers in total. Hazel Dell Towne Center is comprised of daily needs and COVID-resistant tenancy, which pulls customers from a large regional basis—183,900 people in a five-mile radius— from Washington and across the Columbia River in Oregon.”
CBRE’s Christophilis continued, “Marketing activity around correctly-priced retail assets allowed us to exceed pricing expectations for our clients over the last several months. We expect demand will continue to outweigh supply as the overall retail footprint in the Puget Sound region is clearly not over built. Local, regional and national retailers continue to seek long-term leasing opportunities post-COVID.”
Christophilis and Tibeau are based in CBRE’s Seattle office and conduct retail investment sales for CBRE’s National Retail Partners in the Pacific Northwest.
Voorhees, Slusher and Tyrrell, based in CBRE’s Newport Beach office, handle National Retail Partners retail investment assignments in the western states, including California, Oregon, Washington, Nevada, Arizona and Hawaii, representing the most accomplished retail investors in the U.S. The team’s ability to collaborate across CBRE’s multi-discipline platform enhances its role as strategic advisors to western U.S. clients in the disposition and acquisition of retail properties and ensures the delivery of superior results in today’s investment market. Long recognized as industry-leading investment experts, the NRP-West team continues to specialize in portfolio sales, anchored centers, strip centers, single-tenant assets, specialty retail projects, REO and Receivership assets and parcelized disposition strategy opportunities.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.