Bucklin Place Retail Center

Property Overview

Bucklin Place Retail Center is a 16,561 SF multi-tenant retail center built in 2000, located at the corner of Mickelberry Road and Bucklin Hill Road in Silverdale, Washington. At the time of sale, the property was 100% leased, with national tenants VCA Animal Hospital and Subway Corporation occupying 89% of the gross leasable area. The remaining space was leased to Tessio's, a local pizzeria. The property sits within a strong trade area, one mile from the 848,000 SF Kitsap Mall and less than a half mile from Harrison Medical Center, a $240 million facility within the Franciscan Health System.

Challenge

Our team was engaged to sell a 100% leased, unanchored retail center in Silverdale, Washington. A complicating factor arose during the marketing and escrow process: the former Starbucks suite needed to be re-tenanted, requiring active lease negotiation while simultaneously managing the transaction. The assignment demanded that we keep the deal on track for a buyer completing a 1031 exchange, where timing and income stability are critical.

Action

We marketed the property as a passive, NNN-leased investment anchored by two national tenants. The property's structure — no debt to assume, staggered lease expirations, and minimal landlord responsibilities — made it well suited for a 1031 exchange buyer seeking stable, low-management income.

During escrow, we negotiated a new 10-year lease with a local restaurant to fill the vacant former Starbucks suite, bringing the property to full occupancy and preserving the investment's income profile through closing. Throughout this process, we managed communication between both parties to keep the transaction moving forward.

Result

• Generated multiple offers on the property
• Negotiated a new 10-year lease with a local restaurant during escrow, resolving the vacancy and maintaining 100% occupancy
• Closed at $4,500,000 ($272 per SF) against an asking price of $4,689,000
• Successfully facilitated the buyer's 1031 exchange requirements