Scarborough Fair Rite Aid Center

Challenge

Our team was engaged to sell Scarborough Fair Rite Aid Center, a 48,355 SF anchored retail center built in 1977 at 910 Summitview Ave in Yakima, WA. The property presented as a value-add opportunity, which meant identifying a buyer willing to take on the repositioning work and underwrite the associated risk in a secondary market.

Action

We ran an on-market campaign targeting investors suited for value-add retail assets. Our outreach focused on buyers with the capacity and appetite to acquire a larger anchored center in Yakima and the experience to execute on the upside. We also worked to identify buyers with a 1031 exchange requirement, as that profile aligns well with a value-add acquisition where the exchange timeline creates motivation to close.

Result

• Sold the property for $4,900,000 ($101/SF) against an asking price of $4,950,000
• Secured a local buyer completing a 1031 exchange
• Closed within a narrow margin of the asking price on a value-add asset in a secondary market