Located just south of the intersection of Southeast 240th Street and 140th Avenue Southeast, the property is anchored by Big 5 Sporting Goods, which occupies half of the leasable space and generates half of the property's income. Other tenants include Seattle Paint Supply (Benjamin Moore Paints), Jet City Pizza, Oriental Food Market, Mills Music and Catwalk Studio.
Paul Sleeth of Colliers Retail Investment Services brokered the transaction. Sleeth tells GlobeSt.com that the property sat on the market for "some time" because of vacancy and a 50% loan that had to be assumed. Ultimately, Sleeth says he was able to fill the empty spaces, making the investment attractive despite it requiring a sizeable down payment because of the loan. Sleeth describes the loan as fully amortizing, with 16 years left and an interest rate of 7.38%.
"It took us a while to find the right investor," says Sleeth.
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