SEATTLE – April 27, 2022 – CBRE announced the $18.4 million sale of Skagit Valley Square, a 166,800-sq.-ft. retail power center in Mount Vernon, Wash. Seattle-based Bridge33 Capital sold the property to Transnational Management. Dino Christophilis and Daniel Tibeau with CBRE’s Seattle office brokered the sale.
Formerly anchored by an Albertsons, G.I. Joe’s, and a Rite Aid, the property was backfilled with an all-new tenant line-up: Hobby Lobby, Tractor Supply, Goodwill, and Dollar Tree. More than 140,000 sq. ft. was leased-up in an 18-month period—indicative of tenant demand for the shopping center.
“The reception from investors for a traditional power center was enormous. The buyer was able to source financing at historically low rates, and the seller was able to capitalize on the property renovations and new tenancy,” said Dino Christophilis, senior vice president, CBRE.
Alex Banchero, Bridge33 Capital’s VP of Asset Management, added “This transaction demonstrates the value of e-commerce proof brick-and-mortar retail in high traffic locations. The tenants have been thriving in recent years, even against COVID headwinds.”
Nationally, retail property sales gained momentum over the course of 2021, surging to more than $30 billion in the fourth quarter alone, according to CBRE research. The quarterly total was more than double retail property sales volume in the fourth quarter of 2020 and over $10 billion higher than pre-pandemic levels in the fourth quarter of 2019.
Skagit Valley Square is located at 102-310 East College Way, adjacent to Interstate 5 and approximately 25 minutes north of metro Seattle.
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 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend 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.
About Bridge33 Capital
Based in Seattle, Bridge33 Capital LLC is a vertically integrated real estate company focused on value-add investments. Since 2013, Bridge33 has acquired approximately 9 million square feet of retail and office properties in 23 states and has approximately $1.1Bn in assets under management.