SEATTLE-Retail centers in the cities of Battle Ground and Olympia recently changed hands in unrelated transactions that total about $19 million. The recently completed, 42,579-sf Gardner Center in Battle Ground sold for $12.7 million and a two-year-old 28,404-sf center in Olympia sold for $6.4 million.
Located 24 miles north of Portland, Battle Ground is a fast growing market along the Interstate 5 corridor. The Gardner Center has direct access to Highway 503, which runs parallel to the interstate. The center is anchored by a cinema and is fully leased to a mix of local and regional tenants.
Peter Nisbet, an associate director in the Seattle office of Marcus & Millichap's National Retail Group, and Sean Tufts, a retail investment specialist, also in the Seattle office, represented the seller, the Gardner Center LLC. Coldwell Banker Commercial represented a local tenant-in-common buyer group. The parties negotiated master leases for the suites still in lease-up to guarantee 100% occupancy.
The Olympia transaction was for the Westside Plaza Shopping Center, a 28,404-sf development at 2302 Harrison Ave. NW in the city's retail hub. Built in 2004, the center was 75% leased at the time of sale. The new owner is listed as SB & OH Exchange Accommodators LLC. The seller was 2302 Harrison Avenue NW LLC.
Harmen Verbrugge, a principle in the ownership LLC, decided to put Westside Plaza on the market in mid-October 2005, and the property went under contract in April. Colliers International brokers Ray Velkers and Frank Friedman had the disposition assignment.
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