Seattle & Northwest + Washington + Retail | April 10, 2023

Burlington Retail Center Trades for $13M

Real estate firm Marcus & Millichap has arranged the sale of Cross Court Plaza, a 70,000-square-foot retail property in Burlington, WA. A private investor from Texas purchased the shopping center from an undisclosed seller for $12.93 million.

Located at 199 Cascade Mall Dr., the property was 87%-occupied at the time of sale and sold for over a 7% capitalization rate. A few of the tenants include Target, Dollar Tree and Mattress Firm. Burlington is located about 65 miles north of downtown Seattle.

The buyer was secured and represented by Eric M. Garske out of Marcus & Millichap’s Portland office, with the assistance of Joel Deis, the regional manager of the firm’s Pacific Northwest offices. The buyer was completing a 1031 exchange after selling land in Texas, a common occurrence between Texas and Washington as they are both income tax free states.

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Marcus & Millichap - Portland

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

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