Strong Retailer, Long Lease Make For Desirable Retail Property
Retail might not be a darling property type, but there's a formula for investor interest: strong tenants in lengthy leases, says HFF's Nick Foster. Recently Nick and colleagues Mark West and Nick Kassab repped HH Property North, the seller of two single-tenant Albertsons grocery stores totaling 97k SF in suburban Seattle for a total of more than $16M. CE Enterprise Partners acquired both properties.
“These two properties generated exceptional interest given the strength of the tenant and long-term nature of the leases," Nick says. The sale included a 43k SF store in Renton, which was renovated in 2015, and is leased to Albertsons through 2035. The other property, at the intersection of Milton Way and Washington Route 161 in Milton, is likewise leased to Albertsons until 2035.
