Casino Square

Challenge

Our team was engaged to sell Casino Square, a 30,989 SF unanchored retail center at 205 E Casino Rd in Everett, WA, built in 1984. The seller was the original developer, holding the property for more than thirty years. After a decades-long ownership period, the assignment required finding a buyer for a multi-tenant retail asset while navigating the seller's specific transaction requirements, including negotiating credits for deferred maintenance.

Action

We brought Casino Square to market at an asking price of $7,400,000 and ran a targeted on-market campaign aimed at retail investment buyers. Knowing the buyer would likely be completing a 1031 exchange, we positioned the property accordingly to attract qualified, motivated purchasers with exchange timelines. During negotiations, we worked through maintenance-related credits to keep the transaction on track and reach terms acceptable to both parties.

Result

• Sold Casino Square for $7,600,000, exceeding the asking price of $7,400,000.
• Achieved $245 per square foot on a 30,989 SF unanchored retail center.
• Secured a 1031 exchange buyer, satisfying the buyer's tax-deferred acquisition requirements.
• Successfully negotiated maintenance credits, resolving a key sticking point and allowing the transaction to close.
• Delivered a successful exit for the original developer after a thirty-plus-year hold.