Newmark Knight Frank’s Executive Managing Directors Paul and Billy Sleeth and Investment Associate Patrick Allen recently brokered the off-market sale of the 57,191 SF Burien Shopping Center, located at 15716 1st Ave S, in Burien, WA. PRG Investment Company LLC purchased the property from Burien Development Group LLC, represented by NKF. The $9,900,000 sale closed on December 27th, 2019.
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“This property is ideally positioned in the core of Burien’s retail trade area and benefits from a strong anchor tenant and remaining leasing upside” Billy Sleeth, Executive Managing Director for NKF noted. “The stability of the existing cash flow coupled with the leasing upside and potential long-term development make this property a solid investment.”
Situated just off State Route 509, adjacent to the Burien PCC Natural Market and near Seatac International Airport, Burien Shopping Center benefits from good traffic flow and a stable customer base. Residents and businesses alike love the convenience of Burien’s hub location and bountiful transportation outlets, and Burien has been designated by the Puget Sound’s Regional Council as one of 25 Regional Growth Centers that will experience focused urban growth in the decades ahead.
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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