Hazel Dell Towne Center, a 264,000-square-foot Kohl’s-anchored power center located in Vancouver, WA, recently sold to Transnational Management for $28.84 million. Hazel Dell Towne Center is located at 8801 NE Hazel Dell Ave.
The center is occupied by 21 local and national retailers for an 87 percent lease ratio. Its tenant mix includes Kohl’s, Office Depot, Petco, Party City, Gold’s Gym, Craft Warehouse and America’s Best Massage Envy, and it is shadow-anchored by Target.
CBRE’s Philip D. Voorhees, Jimmy Slusher and James Tyrrell along with Dino Christophilis and Daniel Tibeau represented the seller, a partnership managed by Pine Tree.
“The Vancouver submarket is steadily growing while demand for performing suburban power centers remains strong post-COVID,” said Christophilis. “Hazel Dell Towne Center checks all the boxes with upside through stabilization and NOI growth. Marketing activity around correctly priced retail assets allowed us to exceed pricing expectations for our clients over the last several months. We expect demand will continue to outweigh supply as the overall retail footprint in the Puget Sound region is clearly not overbuilt. Local, regional and national retailers continue to seek long-term leasing opportunities post-COVID.”
The center sits on 23 acres and benefits from I-5 frontage, where traffic counts exceed 97,000 daily vehicles.
“Hazel Dell Towne Center is comprised of daily needs and COVID-resistant tenancy, which pulls customers from a large regional basis ─ 183,900 people in a five-mile radius ─ from Washington and across the Columbia River in Oregon,” says Slusher.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.
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