Capital Village Shopping Center

Property Overview

Capital Village Shopping Center is a 155,128 SF community retail center located at 400 Cooper Point Rd SW in Olympia, Washington, approximately 1.5 hours south of Seattle. Built in 1979, the center sits on a 16-acre site and is anchored by national tenants including Goodwill (sublease from Safeway), Ace Hardware, Habitat for Humanity, the United States Postal Service, and Burger King on a pad.

Challenge

Our team was engaged to sell Capital Village Shopping Center, a value-add anchored retail center where the seller was the original developer. At 86.6% occupied, the property carried 20,779 SF of vacant shop space — an opportunity, but also a complexity that required buyers to underwrite lease-up risk in a market with below-market anchor rents averaging $4.73/SF NNN. Adding urgency to the assignment, the buyer needed to deploy funds within 21 days, compressing the feasibility and closing timeline significantly.

Action

Erik and Mike represented both the buyer and the seller, managing the transaction from initial marketing through close. We organized site tours and managed multiple offers, allowing the seller to select the most suitable buyer. Once a buyer was identified, we coordinated a compressed feasibility period and worked to close the transaction within the buyer's required timeline. Throughout the process, we kept both parties aligned on the schedule and the terms, navigating the dual-representation dynamic with clear communication on all sides.

Result

• Represented both buyer and seller in a dual-agency transaction
• Managed multiple offers and site tours on a value-add retail asset
• Closed at $13,600,000 ($88/SF), well below replacement cost
• Executed a compressed feasibility and closing process to meet the buyer's 21-day deployment requirement
• Delivered a path to increase NOI by nearly 30% through lease-up of 20,779 SF of available shop space