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Washington Retail Center Snagged for $38M
Triangle Center, a 260,627-square-foot community shopping center in Longview, WA, traded hands for $38.3 million. The seller was Chicago-based Highlands REIT, while the undisclosed San Diego-based private buyer purchased the asset to complete a 1031 exchange.
Built in 2004, the property is situated on 36.9 acres at 1015 Ocean Beach Highway in Longview, roughly an hour north and west of Portland, along the Columbia River. The 98% leased center’s tenant roster includes Ross Dress for Less, Bed Bath & Beyond, Michaels, Petco, Rite Aid, Ace Hardware, Ulta Beauty, Big 5 and Office Depot.
CBRE’s Philip D. Voorhees and the NRP-West team handled the deal. CBRE’s Shaun Moothart and Danielle Priore advised the buyer in procuring acquisition debt financing.
Moothart says, “Our team canvassed the debt market to drive leverage to a 72.5% loan-to-value, at a 154-spread with multiple years of interest only, maximizing the buyer’s levered cash on cash returns.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition


