17 Sep 2019
El Segundo, CA – Matthews Real Estate Investment Services™, the nation’s fastest-growing commercial real estate company, announces sale of $8M Albertsons in Washington. The property located at 8851 E Trent Avenue in Millwood, WA consists of 46,798 square feet. The transaction was led by Aron Cline. Aron Cline was able to source the buyer, locate the ideal property for the client to purchase off-market, and arrange the sale of the property for over $8.3 million, a record for an Albertson’s sale in Washington according to Costar.
Millwood, a suburb of Spokane, is surrounded on three sides by the city of Spokane Valley. Built in 1991, the property features a 3.67-acre lot and is situated in a major shopping center on the corner of E. Trent Ave. and N. Argonne Rd. “The property is secured by a 20-year lease to Albertsons with rental increases, making the investment property very attractive,” said SVP & Senior Director of STNL Aron Cline. The shopping center consists of a mix of national and local tenants including Dairy Queen, Banner Bank, Redbox, Taco Time, Papa Murphy’s Take ‘N’ Bake, Scollard’s Dry Cleaning, and Starbucks.
As an industry leader and retail expert, Aron Cline of Matthews™ was able to conduct a seamless transaction and close within 30 days of opening escrow. “It typically takes 45 to 60 days to finance a property however we were able to get it done in less than 30 days to meet the buyer’s 1031 exchange deadline which prevented the buyer from having a taxable event,” said SVP & Senior Director of STNL Aron Cline. “We are proud to have created a situation for the buyer and seller in which the deal was closed in such a short amount of time.”
Barrington Capital Corporation (BCC), a leading firm in debt financing for commercial real estate investments, provided financing for the record-breaking transaction. By leveraging their long-standing relationship with the lender, Barrington Capital was able to assist in getting the deal closed. “Our lender held to the terms as outlined in the term sheet and funded within the timeframe they committed to, enabling us to successfully close the transaction within 28 days,” said Managing Director of Barrington Capital Brian Krebs. “We were able to secure a historically low interest rate just over 4% fixed for 10-years with interest only payments allowing the buyer to maximize returns on their investment.”
Aron Cline is currently marketing 35 properties for sale and has additional net lease grocery stores available to purchase, similar to the Albertson’s in Millwood, WA. For interests in net lease grocery store investments or net lease property as part of a 1031 exchange, please reach out to Aron Cline. For more information, please view our available net lease inventory.
Matthews Real Estate Investment Services™ is recognized as an industry leader in Shopping Centers, STNL, Multifamily, Leasing, Management, Portfolio Disposition and 1031 Exchange programs. The firm is headquartered in El Segundo, CA and serves clients throughout the United States and Canada. For more information, please visit www.matthews.com