WARRENTON Commercial real estate brokerage firm Capital Pacific announced March 28 that it closed on the Verizon Wireless property and has the Warrenton Highlands retail center listed for sale in Warrenton. Both properties are retail in nature and reflect the improving real estate market for owners and investors of commercial real estate.
Constructed in late December 2012, the 3,500-square-foot Verizon property located at 1490 S.E. Discovery Lane sold for $1,150,000 to a private individual out of San Diego, Calif.
Warrenton Highlands, a 44,504-square-foot retail center located at 1629 Ensign Lane, is currently on the market for $9.41 million. Built in 2010 by a prominent Northwest development partnership, the property has leased up quickly during the recession with strong national tenants such as Staples, Petco and Dollar Tree.
The real estate market for well-located retail property in the smaller Northwest markets has improved dramatically over the past 12 months says Kevin Adatto, partner of Capital Pacific Properties in these coastal areas, which were out of favor over the past few years, are now garnering a lot of interest from Northwest investors who are familiar with these great towns and sub-markets.
Capital Pacific has always focused on the Northwest market and sourcing private investors from the area 80 percent of all commercial properties in Oregon are sold to somebody from Washington or Oregon, so we are well positioned to provide a valuable service to our clients that are interested in selling or investing in these types of properties, said Sean Mack, another partner of Capital Pacific.
Capital Pacific is one of the leading commercial real estate investment sales and advisory firms in the nation, with offices in Seattle, Portland and San Francisco. Capital Pacific closed 153 transactions totaling $470 million in 2012, making it the top-ranked investment brokerage firm in the Northwest. Capital Pacific is focused on investment sales and does not provide leasing, property management, residential or multi-family services.