A single-tenant triple-net portfolio in the Seattle metro area is throwing off steady cash flow with substantial remaining lease terms. As a result, the 436,000-square-foot portfolio comprised of eight Haggen grocery stores recently found a buyer.
The stores are located in highly desirable submarkets with limited competition and high barriers to entry. The buyer and seller were confidential, as was the final sales price.
Newmark’s executive managing directors Paul Sleeth and Billy Sleeth, and associate Patrick Allen, in cooperation with executive managing director Matt Berres, co-represented the seller with Eastdil Secured.
The eight properties are located north of Seattle at 1815 Main St. in Ferndale, 2814 Meridian St. in Bellingham, 210 36th St. in Bellingham, 1401 12th St. in Bellingham, 757 Haggen Dr. in Burlington, 2601 E. Division St. in Mount Vernon, 26603 72nd Ave. NW in Stanwood and 3711 88th St. NE in Marysville.
Haggen, which is owned by parent company Albertson’s, has operated as a grocer in Washington State since 1933.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).