Spokane Pavilions

Property Overview

Spokane Pavilions is a 14,700 SF unanchored multi-tenant retail center built in 2009, located at 9215 N Nevada St in Spokane, WA.

Challenge

Our team was engaged to represent a buyer seeking a suitable replacement property as part of a 1031 exchange. The assignment required identifying a retail asset that met the buyer's investment criteria while also navigating the complexities of an assumable loan with specific terms attached to the financing.

Action

We focused the search on multi-tenant retail properties that offered stable income and assumable financing. Spokane Pavilions presented an opportunity to acquire an asset with an existing loan in place, which aligned with the buyer's exchange requirements. Our team guided the buyer through the assumption process and coordinated the transaction to meet the timing demands of the 1031 exchange.

• Identified the property as a strong fit for the buyer's 1031 exchange criteria
• Coordinated the assumption of the existing loan ($2,040,000 at 4.75% interest, amortized over 25 years, maturing July 1, 2036)
• Managed the transaction process on behalf of the buyer through closing

Result

• Sale price: $3,650,000 ($248 per SF)
• Buyer successfully completed a 1031 exchange acquisition
• Existing loan of $2,040,000 assumed, preserving favorable financing terms at a 4.75% interest rate through a 2036 maturity