SEATTLE – Aug. 10, 2020 – CBRE announced the $2.3 million sale of a 2,464-sq.-ft. Jack in the Box located at 1635 Mottman Road SW in Tumwater, Wash. Mike Philbin with CBRE’s North LA office and Dino Christophilis in CBRE’s Seattle office represented the seller, Pacific Centers, LLC IV from Jupiter Island, Fla. The buyer, Henrikson Family Trust, purchased the property in a sale that closed July 17.
“This transaction perfectly highlights the current flight by passive investors to assets deemed essential in the COVID-19 pandemic. Fast food restaurants, primarily those with drive-thrus, have been among the most desired by triple net investors throughout this volatile period,” stated Mike Philbin, Vice President, CBRE. “The buyer purchased the property as a triple net investment to add to their portfolio of other Jack in the Box properties and triple net restaurants. The tenant had recently signed an early extension to the lease, lengthening the remaining term from three to 10 years.”
Constructed in 1999, this Jack in the Box in Tumwater provides direct access to Highway 101, which sees 99,000 vehicles per day, and Interstate 5, which sees 139,600 vehicles per day. The property is also within walking distance to South Puget Sound Community College, which has more than 6,000 students.
Tumwater is the southern gateway to Puget Sound’s mega-metropolitan region, and is a 20-minute drive from Joint Base Lewis-McChord (JBLM), the sixth-largest military base in the nation and third largest employer in Washington state. JBLM is the top employer in Pierce County and has an economic impact in the South Sound region of almost $9.2 billion.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated 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. Please visit our website at www.cbre.com.