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CBRE Facilitates $10M Sale of Nine-Acre Retail Property in Spokane
CBRE has facilitated the $10.2 million sale of a 9.39-acre property to Burlington North, LLC, a local development group. The property features two retail buildings totaling 175,612 square feet.
CBRE’s Yohar Renaud, Kyle Herting and Sydney Dixon brokered the transaction on behalf of the seller, Burlington Stores, Inc.
“This deal’s expedited timeline highlights the strong demand and competitive nature of today’s retail market,” said Renaud. “Assets like this that are well-positioned and adjacent to grocery-anchored shopping centers are highly coveted.”
Located at 5830 N Division Street in Spokane, the property has a 158,307-square-foot retail building occupied by Burlington. “Burlington will relocate to Franklin Park Shopping Center in a smaller space,” added Dixon.
The two-story building has three loading docks and high clear heights. The buyers are considering a variety of redevelopment options. The second building is 17,305 square feet and is leased to Rite Aid.
