(Seattle, WA) – Commercial real estate brokerage firm Capital Pacific announced today that it has closed on the sale of Ridge Plaza, a 2017-built 68,119 square foot grocery and drug store anchored shopping center in Snoqualmie, Washington. Capital Pacific brought together both parties for a private sale.
The Safeway and Bartell Drugs anchored shopping center closed for $21,200,000 and includes national tenants MOD Pizza and Starbucks. The Property is located along Snoqualmie Parkway, a rapidly growing Puget Sound suburb with average HH incomes north of $140K.
“Ridge Plaza is a rare, new construction grocery anchored shopping center in the affluent Seattle suburban market of Snoqualmie,” says Sean Tufts, Partner at Capital Pacific. “With very few new construction grocery anchored centers being built in the Northwest, this well-positioned asset traded with premium pricing.”
“Capital Pacific was able to bring two private parties to the table for this transaction. Long standing private relationships made this transaction possible to meet the needs of both sides,” says Kevin Adatto, Partner at Capital Pacific.