CBRE Facilitates $10.2 Million Sale of Nine Acre Retail Property in Spokane, WA

CBRE facilitated the $10.2 million sale of a 9.39-acre property to Burlington North, LLC, a local development group lead by Ben Hawkins and Kevin Edwards. The property features two retail buildings totaling 175,612 sq. ft.

CBRE’s Yohar Renaud, Kyle Herting and Sydney Dixon brokered the transaction on behalf of the seller, Burlington Stores, Inc.

“This deal's expedited timeline highlights the strong demand and competitive nature of today's retail market. Assets like this that are well-positioned and adjacent to grocery-anchored shopping centers are highly coveted. I'm grateful for a smooth and efficient transaction that benefited all parties involved," said Renaud.

Located at 5830 N Division Street in Spokane, the property has a 158,307 sq. ft. retail building that is occupied by Burlington. The building is two-stories with three loading docks and high clear heights. The buyers are considering a variety of redevelopment options. The second building is 17,305 sq. ft. and is leased to Rite Aid.

Dixon added, “Burlington will relocate to Franklin Park Shopping Center in a smaller space. Brian Ashby, Thomas Nguyen and I are leading Burlington’s national downsizing initiative, which includes strategically selling oversized stores like Spokane.”