Seattle & Northwest + Washington + Retail | April 28, 2022

Mount Vernon’s Skagit Valley Square Sells for $18M

CBRE has brokered the $18.4 million sale of a 167,000-square-foot retail power center in Mount Vernon, WA featuring an all-new tenant line-up of Hobby Lobby, Tractor Supply, Goodwill and Dollar Tree. The CBRE duo of Dino Christophilis and Daniel Tibeau brokered the transaction between the seller, Seattle-based Bridge33 Capital, and the buyer, Transnational Management.

Skagit Valley Square is located at 102 E. College Way, adjacent to Interstate 5 and about 25 minutes north of Seattle. “The reception from investors for a traditional power center was enormous. The buyer was able to source financing at historically low rates, and the seller was able to capitalize on the renovations and new tenancy,” said Christophilis in a news release.

According to CBRE research, retail property sales have surged on a national level, with fourth quarter year-over-year sales-volume numbers more than doubling between 2020 and 2021.

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CBRE Bridge33 CapitalDino Christophilis

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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