SPOKANE VALLEY, WA, April 14, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Vivacity Care Center (Premera Blue Cross Corporate Guarantee), a 12,000-square foot net-leased property located in Spokane Valley, WA, according to Joel Andrew Deis, regional manager of the firm’s Seattle office. The asset sold for $7,771,429 at a record low cap rate of 5.25%.
Clayton J. Brown, Christopher Edwards and Ruthanne Romero, investment specialists in Marcus & Millichap’s Seattle office, had the exclusive listing to market the property on behalf of the seller, a developer.The buyer, a limited liability company and repeat client of Marcus & Millichap’s Brown Retail Group, was secured and represented by Clayton J. Brown, Christopher Edwards and Ruthanne Romero. Numerous investors from western Washington continue to invest in eastern Washington, able to achieve higher returns east of the Cascades. The migration of capital continues to drive prices higher in eastern Washington, providing excellent selling conditions for owners in eastern Washington.
Vivacity Care Center is located at 16009 E Indiana Ave in Spokane Valley, WA, adjacent to I-90 and down the road from several medical centers and a major shopping center. This is a brand new 2020 construction property with a long-term corporate guaranteed lease with annual rent increases by Premera Blue Cross who has an ‘A’ credit rating.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.