Thank you for sharing!

Your article was successfully shared with the contacts you provided.

For more retail coverage, click GlobeSt.com/RETAIL.

SPOKANE, WA-The Home Depot retail warehouse property here has changed hands for $20.8 million. The new owner is Cole Capital Partners, a Phoenix-based investment management firm focused on single-tenant, freestanding properties. The list price was $22 million.The 9.9-acre property is located at 9916 N. Newport Highway and is part of a larger shopping center. The Home Depot building is 105,l60 sf, but includes a 24,138-sf enclosed outdoor shopping area. It was built in 1998.The property is leased by Home Depot through November 2019. The annual net operating income from the property is slightly more than $1.3 million, according to a marketing document obtained by GlobeSt.com. The rent bumps up 10% every five years. The seller was a private local partnership. The sale was brokered by Mike Garrido, president of Trident Realty Advisors, a Los Angeles-based brokerage firm specializing in single-tenant properties leased to investment-grade tenants. Garrido declined comment on the specifics of the transaction, however other sources tell GlobeSt.com the capitalization rate on the investment is 6.3%. The source adds that cap rates are low enough right now for these types of assets that the seller was able to pay off the loan on the property, including a $2-million pre-payment penalty, and still make a profit.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.