Riverbend Station

Property Overview

Riverbend Station is a 24,424 SF mixed-use retail and office investment at 205 Stewart Rd in Mount Vernon, Washington, approximately one hour north of Seattle. Originally built in 1985 as an administrative center for the local school board, the building was remodeled in 2012 with a 30-year membrane roof, new parking surface, steel framing, metal siding, and fiber optic cable. The property sits at a signalized intersection adjacent to Interstate 5, across the street from a 220,000 SF Super Walmart center, and near Skagit Regional Hospital and Lowe's Home Improvement.

Challenge

Our team was engaged to handle the sale of Riverbend Station on behalf of both the seller and the buyer, navigating a transaction that required coordinating multiple competing interests. The property presented a nuanced profile: a 100% occupied, multi-tenant center with a mix of retail, medical office, and state government tenants, along with 13 executive office suites making up roughly 9% of the space. Representing both sides of the transaction required careful management of each party's expectations through marketing, negotiation, and due diligence.

Action

We ran an on-market campaign designed to generate broad interest and surface qualified buyers for a property with a diverse tenancy and a strong occupancy story. Key elements of the process included:

• Presenting the property's long-term tenant base, with a majority of tenants in place since 2017 or earlier, as a core part of the investment thesis
• Highlighting the inflation-protection structure built into most leases through annual CPI increases
• Emphasizing the low average rents relative to comparable spaces in the market, which supported the case for rent growth
• Managing multiple offers and coordinating due diligence through feasibility and inspections while representing both the seller and the buyer

Result

• Sold Riverbend Station for $5,800,000, or $237 per SF
• Generated multiple offers
• Successfully represented both the buyer and the seller through a single, coordinated process
• Guided both parties through full due diligence, including feasibility review and property inspections, to a completed close