CBRE recently closed a $10.2 million deal for the sale of a 9.39-acre property in Spokane to Burlington North, LLC, a local development group. The property includes two retail buildings with a combined total of 175,612 square feet.
The transaction was brokered by CBRE’s Yohar Renaud , Kyle Herting and Sydney Dixon on behalf of the seller, Burlington Stores Inc.
According to Renaud, the quick timeline for this deal is indicative of the strong demand and competitiveness in today’s retail market. He also noted that properties like this one are highly sought after due to their prime location near grocery-anchored shopping centers.
Located at 5830 N Division Street in Spokane, one building on the property spans over 158,307 square feet and is currently occupied by Burlington Stores Inc., which will be relocating to Franklin Park Shopping Center into a smaller space. The two-story building features three loading docks and high clear heights.
The second building on site covers an area of 17,305 square feet and is leased out to Rite Aid. The new buyers are considering various options for redevelopment with this space.
