**Marcus & Millichap Arranges $6.35M Sale of Washington Square Retail Center**
Marcus & Millichap has announced the successful sale of Washington Square, a 23,679-square-foot retail property located in Kent, Washington. The retail center sold for $6,350,000.
The buyer, a limited liability company, was secured and represented by RJ Vara, an investment specialist with Marcus & Millichap’s Seattle office. Financing for the transaction was arranged by Ray Allen of Marcus & Millichap Capital Corporation (MMCC).
“Notably, the seller is providing a rent guarantee for the auto service tenant through the end of the year, at which point the lease is scheduled to renew at a higher rental rate,” said RJ Vara. “The total value of the rent guarantee is approximately $76,000; however, no deduction is warranted as the seller is covering the rental differential.”
Washington Square is located at 310 Washington Ave N and is currently 100% leased to third-party tenants—exceeding the estimated stabilized occupancy rate of 95%. The property features four tenants and is situated on a highly visible corner along a local arterial road in Kent.
