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Seattle & Northwest  + Pacific Northwest  + Retail  | 

Newmark Completes $16M Net Leased Grocer Deal

A single-tenant, net leased grocer property within Walla Walla’s Eastgate Marketplace Shopping Center traded hands for $16.2 million. The 60,026-square-foot building at 450 N. Wilbur Ave. is occupied by a national grocer on a long-term lease.

Newmark’s Matt Berres and Samer Khalil cooperated with Billy Sleeth and Paul Sleeth to represent the seller, an undisclosed publicly traded REIT. The undisclosed, Hawaii-based buyer is a 1031-exchange investor.

Berres says, “Single-tenant properties occupied by major grocers in good locations have continued to be highly sought after by net lease investors across the country.”

Khalil added, “This property checked all the boxes as an ideal net lease investment and traded at an aggressive cap rate for the market due to the strong national tenant and long-term passive lease structure with fixed rental increases.”

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
  • ◦Lease
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