On the heels of their sale of the Wallingford, Seattle Bartell Drugs building, Newmark Knight Frank (NKF) has just completed the sale of the Arlington Bartell Drugs Building at 7423 204th St NE, Arlington, WA. Newmark Knight Frank’s Retail Investments Team of Executive Managing Director Paul Sleeth, Executive Managing Director Billy Sleeth and Investment Associate Patrick Allen represented the seller RPI Arlington LLC in the $9,075,000 sale to DNR which closed on December 13th, 2019.
The 14,160 SF building’s location at the corner of 204th St. NE and State Route 9 near the Arlington Airport provides convenient access to the retail core of Smokey Point, and is supported by the surrounding area’s booming residential development. Over 1,300 new multi family units are under construction or have been recently completed, increasing densification, consumer demand, and long term retail prosperity.
“The area around the Arlington Bartell Drugs is a strong suburban market with a retail and residential core that is expanding,” Billy Sleeth said. “With consumer fundamentals steady, a healthy local economy that supports disposable income, and a credit tenant committed to the location long-term, we anticipate this asset will produce a good cash flow for the new owners for years to come.”
About Newmark Knight Frank: Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.sleethretail.com.
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