CBRE’s Philip D. Voorhees and NRP-West Team Complete Sale of Triangle Center for $38.3 Million

CBRE’s Philip D. Voorhees and NRP-West Team Complete Sale of Triangle Center for $38.3 Million

LONGVIEW, Wash. – (RealEstateRama) — CBRE Executive Vice President Philip D. Voorhees announced today that the National Retail Partners-West (NRP-West) completed the sale of Triangle Center in Longview, Washington, a community center, 98 percent leased to high performing, national and regional credit tenants including Winco Foods (not a part), Ross Dress for Less, Bed Bath & Beyond, Michaels, Petco, Rite Aid, Ace Hardware, Ulta Beauty, Big 5, Office Depot along with Five Guys, Great Clips, GameStop and others. The purchase price was $38.3 million.

TriangleCenter
Triangle Center at 1015 Ocean Beach Highway in Longview, Washington, was purchased for $38.3 million.

CBRE retail experts Jimmy Slusher, Kirk Brummer, James Tyrrell, Dino Christophilis, Alex Martinac and Voorhees represented the seller, Highlands REIT, a Chicago-based investment trust. The private buyer, based in San Diego, purchased Triangle Center to complete a 1031 exchange. CBRE’s Debt & Structured Finance team led by Shaun Moothart and Danielle Priore exclusively advised the buyer in procuring debt financing for the acquisition.

OutletsAtTheBorder
Outlets at the Border in San Ysidro (San Diego) is listed for sale for $55,967,000 with bids due on October 18, 2018, according to CBRE’s National Retail Partners-West (NRP-West).

“Our team canvassed the debt market to drive leverage to a 72.5 percent loan-to-value, at a 154-spread with multiple years of interest only, maximizing the buyer’s levered cash on cash returns,” said Moothart.

Built in 2004, Triangle Center is a 260,627-square-foot community shopping center, situated on 36.9 acres of land at 1015 Ocean Beach Highway in Longview, roughly one hour north and west of Portland.

“Private capital investors snapping up institutional-quality shopping centers around the west is certainly a theme in 2018,” said Voorhees. “Our team sourced a high-net-worth family office investor, based in San Diego, completing a 1031 exchange for Triangle Center. The buyer’s offer was more competitive in price and terms than both institutional and well-known regional investors active in the Pacific Northwest.”

“Necessity and value-focused shopping centers, even in tertiary market areas, continue to perform well,” said Slusher. “Triangle Center is the one-stop location for Longview residents and the dominant community center in the trade area, pulling from a wide radius in this part of rural Washington.”

CBRE’s marketing efforts produced more than 284 confidentiality agreement/offering memoranda distributed and through the team’s “managed bid” offer process, generated multiple offers to purchase the property, according to Slusher.

With this closing, CBRE’s NRP-West team topped $10.9 billion in successfully closed retail investment sale transactions. Select NRP-West team California listings include: Vista Village in Vista, listed for $78,662,000; Outlets at the Border in San Ysidro listed for $55,967,000 with bids due on October 18, 2018; Market Place at Oxnard in Oxnard, listed for $40,250,000; Brea Towne Centre in Brea, listed for $20,970,000; and Westport Square + Plaza in Costa Mesa, listed for $20,940,000. More information is available at nrpwestlistings.com.

The NRP-West team focuses exclusively on retail investment properties in the western states, including CA, OR, WA, NV, AZ and HI, representing the most accomplished retail investors in the US. The team’s ability to collaborate across CBRE’s multi-discipline platform enhances its role as strategic advisors to western U.S. clients in the disposition and acquisition of retail properties and ensures the delivery of superior results in today’s investment market. Long recognized as industry-leading investment experts, the NRP-West team continues to specialize in portfolio sales, anchored centers, strip centers, single-tenant assets, specialty retail projects, REO and Receivership assets and parcelized disposition strategy opportunities. Based in Orange County, California, the team consists of specialists with institutional and private client relationships and leverages institutional quality knowledge and service across unparalleled access to private capital investors and the brokers who represent them, domestically and around the world. View listings: nrpwestlistings.com.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com

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CBRE

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.

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