EVERETT, Wash. - Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm arranged the sale of a two-tenant retail property occupied by Pacific Dental Services and Coldwell Banker in the Seattle metro area. The sale price was $2.8 million. Hanley Investment Group has sold over $100 million in retail properties in the Pacific Northwest region in the last four years.
Hanley Investment Group's Executive Vice Presidents Jeff Lefko and Bill Asher, in association with ParaSell, Inc., represented the seller, a private investment company based in Orange County, California. The buyer, a private investor based in Seattle, Washington, was represented by Michael Finch at CenturyPacific, LLLP, also from Seattle.
The 3,816-square-foot, two-tenant building is located on a 0.40-acre parcel at 1031 SE Everett Mall Way in Everett, Washington. The building, built in 1975 and renovated in 2017, is situated across from Everett Mall with tenants Best Buy, Burlington, Old Navy, ULTA Beauty, Party City T.J. Maxx, LA Fitness, Floor & Decor, Party City, Regal Cinemas and many more. Everett Mall is ideally located just off Interstate 5.
"We generated multiple competitive offers shortly after commencing all formal marketing and negotiated a 21-day due diligence period and timely closing with a local buyer based in Seattle," said Lefko. "Rare 3% annual rental increases and the property located in an income-tax-free state were extremely attractive characteristics for the buyer and all interested investors."
According to Lefko, "Two-tenant triple-net pad investments leased to corporate tenants in affluent locations across the country continue to be in high demand. These types of assets remain attractive alternative investments compared to lower yield, single-tenant net-leased properties in today's market."
Lefko continues, "Hanley Investment Group has been successful in the Pacific Northwest region because many California buyers view it as an extension of California. Over the last 36 months, we have sold 10 similar properties all in the high 4% to low 5% cap rate range."
Lefko noted Everett is a major employment center for Snohomish County. The property is four miles east of Boeing's Everett Production Facility with 30,000 employees.
The Seattle-Tacoma Metropolitan Statistical Area has 4.1 million people, making it the 15th largest metro area in the United States and was named #1 "Best Cities for Young Professionals" for 2022 by CNBC. Additionally, TIME named the region among the "World's Greatest Places" in 2021.
Pacific Dental Services is one of the country's leading dental support organizations, providing supported autonomy that enables dentists to concentrate on clinical excellence and the highest levels of cost-effective, comprehensive patient care. PDS continues to grow, with more than 900 supported dental offices across the United States. PDS has been on the Inc. 5000 list of the fastest-growing private companies in America 14 times.
Coldwell Banker is a leading provider of full-service residential and commercial real estate brokerage services with 100,000 affiliated sales professionals in 3,000 offices worldwide. Coldwell Banker is a subsidiary of Anywhere Real Estate Inc. (NYSE: HOUS), a leader of integrated residential real estate services in the U.S. and includes franchise, brokerage, relocation, and title and settlement businesses, as well as a mortgage joint venture. Anywhere owns several real estate brands and brokerages, such as Better Homes and Garden Real Estate, CENTURY 21, Corcoran, ERA and Sotheby's International Realty.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with over a $9.8 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients' needs first set us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties. For more information, visit www.hanleyinvestment.com.
Company Name: Hanley Investment Group Real Estate Advisors
Contact Person: Jeff Lefko, Executive Vice President
Email: Send Email
Address:3500 E. Coast Highway, Suite 100
City: Corona del Mar
Country: United States