Newmark Completes Sale of Washington Retail Duo
Newmark Executive Managing Directors Paul Sleeth and Billy Sleeth have completed the sales of two retail properties totaling 125,000 square feet in the Seattle submarket of Kent, WA and the southern Washington city of Kennewick, WA. Newmark represented two private sellers in the separate transactions for an undisclosed amount.
The Kent property is a 67,000-square-foot vacant former Tops Foods Grocer located at 26000 100th Place, SE, and is part of the Canyon Ridge Shopping Center. The retail center is shadow-anchored by Target, Ross, Old Navy and Petco. The building’s location provides excellent visibility and is in close proximity to State Route 516.
The Kennewick building is a 58,000-square-foot, single-tenant property triple net-leased to Sportsman’s Warehouse at 6603 West Canal Drive. The asset is within the Colonnade Shopping Center, with tenants that include Ross, Best Buy and Pet Smart. Sportsman’s Warehouse has successfully operated at this location for over 20 years and just extended its lease.