Northmarq’s Pacific Northwest retail investment sales team has completed the $8.2 million sale of J.O. Borgen Plaza, a 28,418-square-foot multi-tenant retail center in North Bend, Washington.
Northmarq’s Managing Directors Sean Tufts and Kevin Adatto, Senior Associate Joe Dugoni, and Associate Jack Hallberg represented both the seller and buyer in the transaction.
Located in the Seattle MSA along the I-90 corridor, the center is occupied by a freestanding Wells Fargo branch, a Jersey Mike’s Subs, and a UPS Store. The sale was aligned with a national retailer’s plan to backfill the 17,958-square-foot original Bartell Drugs building, which became vacant following Rite Aid’s acquisition and subsequent bankruptcy.
“Unfortunately, Rite Aid’s ill-fated acquisition of the Bartell Drugs brand and the subsequent bankruptcy of Rite Aid put tremendous stress on a very successful shopping center,” Tufts said. “We’re happy to have helped in a very challenging situation, and to have found a buyer that will execute on a replacement anchor that will keep this center serving the North Bend community for years to come.”
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