Aaron's / Verizon

Property Overview

Located at 1212 E. Wishkah in Aberdeen, WA, this 11,036 SF unanchored retail property was built in 2013 and delivered fully leased to two tenants, each on 10-year leases.

Challenge

Our team was engaged by the developer to market and sell a newly constructed, multi-tenant retail property in Aberdeen, Washington. The assignment required finding a qualified buyer for a two-tenant asset in a smaller market, while meeting the developer's pricing expectations on a new construction product.

Action

We brought the property to market and targeted investors seeking stable, long-term net-leased retail assets. The property's 100% occupancy and dual 10-year lease structures made it a strong candidate for buyers completing a 1031 exchange, and we directed outreach accordingly. We guided both the seller and the buyer through the transaction process, maintaining communication between all parties through closing.

Result

• Sold at $2,482,500, within $5,500 of the $2,488,000 asking price
• Achieved $225 per square foot
• Property was 100% occupied at the time of sale with two tenants on 10-year leases
• Facilitated a 1031 exchange acquisition for the buyer
• Represented the developer through a successful on-market sale