Marcus & Millichap has completed the sale of Washington Square, a 23,679-square-foot retail property located in Kent, Washington. The asset sold for $6,350,000.
The buyer, a limited liability company, was secured and represented by RJ Vara, an investment specialist in Marcus & Millichap’s Seattle office. Washington Square is located at 310 Washington Ave N. Financing for the transaction was arranged by Ray Allen of MMCC.
“Notably, the seller is providing a rent guarantee for the auto service tenant through the end of the year, at which point the lease is scheduled to renew at a higher rental rate,” said RJ Vara. “The total value of the rent guarantee is approximately $76,000; however, no deduction is warranted as the seller is covering the rental differential.”
The property is currently 100.0% occupied by third-party tenants, exceeding the estimated stabilized occupancy level of 95.0%. The subject property is a four-tenant retail center situated on a prominent corner along a local arterial in Kent.
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