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California Buyers Go North in Search of Returns

The California buyer was in a 1031 exchange looking for a solid national tenant, triple net lease with 7%-plus return, so a Hoquiam, WA Rite Aid property was the perfect fit for the out-of-state purchaser.

Rite Aid Occupied by Rite Aid on a long-term NNN lease, the standalone site is located at 3130 Simpson Ave.

HOQUIAM, WA—An out-of-state buyer in search of better returns found just that with the purchase of a 17,384-square-foot standalone retail property located at 3130 Simpson Ave. The Lloyd Wells Gift Trust purchased the building at a 7.5% cap rate from Smith Legacy LLC.

Colliers International’s Reza Ghobadi of the firm’s Encino, CA office worked with Ryan Marn of the Seattle office to connect the seller and buyer in the transaction.

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Lisa Brown

Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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