By Kate Snyder
A retail property in Marysville traded hands recently, showing that the city continues to attract investors. The property, positioned on the north end of the city, was purchased by an entity affiliated with Murnick Real Estate Services for $10.6 million, or approximately $165 per square foot, according to Snohomish County public records. The seller was an entity that shares an address with Apollo Global Management, a capital firm focused on alternative asset management and retirement solutions.
Located at 3711 88th St. NE, the property spans 63,981 square feet, with a first floor totaling about 61,128 square feet and a 2,853 square foot second floor, according to county records. The structure is situated on 5.93 acres and was built in 2000. Haggen, Good Neighbor Vet and Global Credit Union all have addresses at the property.
Based in Roseland, N.J., Murnick Real Estate Services is a privately-held real estate firm specializing in the acquisition, disposition, asset management and development of real estate assets throughout the United States. Along with its affiliated entities, Murnick has been involved in the acquisition and disposition of more than $200 million in real estate assets across the country with a primary focus on multifamily communities and net-leased assets.
Snohomish County has seen other retail property acquisitions in recent months.
Earlier this year, a retail asset in Everett traded hands for $12.9 million, or approximately $434 per square foot, according to previous reporting from The Registry. The buyer was an entity affiliated with Edward O’Sullivan, chairman of Pacific Centers, Inc., and the seller was an entity affiliated with Western Williams, who is a partner at Western Property Management. Located at 5006 132nd St. SE, the property comprises four buildings at 16,746, 3,372, 3,516 and 6,045 square feet, county records show. The parcel totals about 3.6 acres of land. Businesses with addresses at the site include Pizza Hut, Taco Bell and Bartell Drugs.