Pt Townsend O'Reilly Center

Property Overview

The Pt Townsend O'Reilly Center is an 11,562 SF unanchored retail center built in 2003, located at 2219 E Sims Way in Port Townsend, WA. The property was 88% occupied at the time of sale.

Challenge

Our team was engaged by the seller to market and sell a multi-tenant retail center in Port Townsend, Washington. The property carried a vacancy, leaving the asset at 88% occupancy, which required finding a buyer comfortable with the leasing risk in a smaller coastal market. The asking price was $2,050,000, and our goal was to close as close to that figure as possible while identifying a qualified buyer.

Action

We ran an on-market campaign targeting retail investment buyers, including those pursuing 1031 exchange acquisitions. Our outreach focused on investors who understood smaller-market retail and could underwrite the existing vacancy. We worked to qualify buyers capable of moving forward without the transaction being contingent on resolving the vacant space, and we guided both parties through the process to a successful close.

Result

• Sold the property for $1,820,000, or $157 per SF
• Identified a buyer completing a 1031 exchange, broadening the qualified buyer pool
• Closed the transaction with the property at 88% occupancy, demonstrating buyer confidence in the asset and market