Central Plaza

Property Overview

Central Plaza is an 18,193 SF two-story mixed-use retail and office property located at 19980 10th Ave NE in Poulsbo, Washington. Built in 2004, the center is 100% leased to a diverse mix of service-based retail, medical, and professional tenants on NNN leases. The property sits in Poulsbo's main commercial corridor, shadow anchored by Town & Country Market.

Challenge

Our team was engaged by the seller to market and sell Central Plaza, an unanchored multi-tenant retail and office center in Poulsbo, WA. While the property was fully occupied and generating stable income, the assignment required finding a buyer capable of completing a 1031 exchange acquisition while the seller simultaneously pursued their own reverse 1031 exchange on the proceeds. Coordinating both exchange timelines added a layer of complexity to an already complex transaction.

Action

We brought the property to market as an on-market offering, positioning it around its 100% occupancy, NNN lease structure, and shadow-anchor relationship with Town & Country Market. During due diligence, our team managed the inspection process across multiple vendors and coordinated the collection of estoppel certificates from the tenant roster. We worked closely with the buyer's broker to keep both exchange timelines aligned and the transaction on track through closing.

Result

• Sold for $6,717,670 ($369/SF)
• 100% occupancy maintained through closing with a diverse NNN tenant mix
• Coordinated dual 1031 exchanges for both buyer and seller simultaneously
• Managed a multi-vendor inspection process and full estoppel collection during due diligence