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A 17K SF standalone retail property located at 3130 Simpson Ave. in Hoquiam recently sold for $7.5M.
The Lloyd Wells Gift Trust purchased the building at a 7.5% cap rate from Smith Legacy. Ryan Marn, of the Colliers Seattle office, worked with Colliers International's Rez Ghobadi to connect the buyer and seller.
It is occupied by Rite Aid on a long-term NNN lease and situated on a busy commercial thoroughfare that serves residents of Hoquiam, Aberdeen, Grays Harbor and Cosmopolis. Dollar Tree and Anytime Fitness are nearby.
Rite Aid, and similar big-box stores, are staple tenants in the Puget Sound’s tertiary markets. In late 2018, the TriangleCenter in Longview changed hands for $38.3M. At the time, it was leased by Rite Aid, Michaels, Winco Foods, Ross Dress for Less, Bed, Bath & Beyond, Petco, Ace Hardware and others.
Two years ago, private capital investors snapped up institutional-quality shopping centers in the West, said CBRE Executive Vice President Philip D. Voorhees, adding that in the tertiary markets, necessity and value-focused shopping centers perform well.
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