6th and Orchard

Challenge

Our team was engaged to sell 6th and Orchard, an 18,040 SF unanchored multi-tenant retail center at 601 S Orchard Street in Tacoma, WA. The property was 81% occupied at the time of sale, meaning roughly one-fifth of the building was vacant. Selling a partially vacant retail asset requires finding a buyer who is comfortable underwriting the lease-up risk and can move forward without the security of a fully stabilized rent roll.

Action

We brought the property to market through an on-market campaign targeting retail investors experienced with multi-tenant assets. Our outreach focused on buyers capable of evaluating the existing tenancy alongside the upside presented by the vacant space. We managed the marketing process on behalf of the seller, coordinating due diligence access and guiding both parties through negotiations to keep the transaction on track.

Result

• Sold the property for $2,600,000 ($144 per SF)
• Delivered a completed transaction on an 81% occupied asset, where vacancy can deter conventional financing and limit the buyer pool
• Successfully represented the seller from listing through close on an on-market deal with both buyer and seller engaged throughout the process