Marcus & Millichap Arranges Sale of Washington State Government-Leased Property in Moses Lake

Marcus & Millichap completed the sale of a 24,240-square-foot office property leased to the Washington State Department of Social and Health Services in Moses Lake. The property sold for $7.2 million.

Built in 2015 as a build-to-suit facility, the property sits on 3.26 acres. Prior to the sale, ownership completed renovations to the parking lot, landscaping, lighting, and HVAC systems. The department recently renewed its lease for an additional five years with a 17.5% rent increase over the previous term.

“The sale reflects continued investor confidence in Moses Lake’s commercial real estate market, which benefits from a growing regional economy, expanding population and strong demand for well-located commercial assets,” said Clayton Brown, senior managing director of investments and managing partner of The Brown Group. Brown and The Brown Group of Marcus & Millichap exclusively marketed the property on behalf of the seller, a Washington state government developer, and procured the buyer, an experienced Washington state government investor.