Executive Vice President for CBRE Group Philip Voorhees announced Friday that the Triangle Shopping Center was sold to a private buyer in San Diego. The price tag was $38.3 million.
Los Angeles-based CBRE is the world’s largest commercial real estate services and investment firm, based on its 2017 revenue, according to a press release. The company represented the seller, Chicago-based Highlands REIT.
“Private capital investors snapping up institutional-quality shopping centers around the west is certainly a theme in 2018,” Voorhees said in a statement.
“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.”
The Triangle Center sale puts the group from CBRE at $10.9 billion in closed retail transactions. The group who represented Highlands REIT focuses on retail investments in western states, including California, Oregon, Washington, Nevada, Arizona and Hawaii.
“Necessity and value-focused shopping centers, even in tertiary market areas, continue to perform well,” CBRE retail expert Jimmy Slusher said in a statement. “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.”
Slusher also said the group’s marketing produced more than 284 confidentiality agreements and that their offer process generated multiple offers to purchase Triangle Center.
Triangle Center, built in 2004, is a 260,627-square foot shopping center that sits on almost 40 acres off of Ocean Beach Highway.