(EDITOR’S NOTE: According to public documents, the sale closed on December 13, 2019 for $14,000,000. The buyer was San Diego-based Pacific Hospitality Group, and the seller was Walnut Creek, Calif.-based Hall Equities Group.)
(Seattle, WA) – Capital Pacific is pleased to announce the sale of Summerwalk Village, a 60,409 square foot anchored shopping center in Lacey, Washington.
The Walmart Neighborhood Market anchored shopping center presented the opportunity to acquire a successful grocery-anchored center in the Puget Sound with a strong lineup of national and regional tenants and the ability to add an additional two pad buildings.
Capital Pacific represented both the private seller as well as the institutional purchaser.
“We were engaged based on our reputation of executing quickly while still maximizing pricing,” says Kevin Adatto, Partner at Capital Pacific.
Washington State’s increased excise tax law beginning in 2020 along with the Seller identifying an exchange required a highly detailed and sophisticated process in order to achieve a year-end close.
“Our deep relationships with private and institutional capital made this speedy transaction possible,” says Sean Tufts, Partner at Capital Pacific. “The property was sold in less than 30 days by focusing on the highest probability of investors that could execute in the shortest timeframe.”
Capital Pacific is one of the leading commercial real estate investment sales and advisory firms in the nation with offices in Seattle, Portland, and San Francisco. Companywide, Capital Pacific’s 21 brokers have closed 195 transactions totaling $840M, in 2019.