WARRENTON The Warrenton Highlands retail center, which includes Petco, Staples, Dollar Tree, Farmers Insurance, Serendipity Caffe and Columbia Memorial Hospitals Primary Care Clinic, sold May 30 to Phoenix-based property investor Cole Real Estate for $8.65 million.
We dont know of any proposed changes, said Kevin Adatto, the broker for commercial real estate brokerage firm Capital Pacific who closed the deal between Cole and the seller, FWI?Oregon II, LLC. The center is relatively new construction and at 96 percent occupancy. Its unlikely that the center is repositioned or changed in any meaningful way.
The 44,500-square foot facility, built in 2010, has been listed since the beginning of the year, said spokesman Jake Raiton of Capital Pacific. On March 28, it completed the sale of the property catty-corner to Warrenton Highlands housing the recently opened Warrenton Verizon store. It sold for $1.14 million to a private individual from San Diego.
Many investors, especially over the past five years, havent been interested in the smaller markets of Oregon, which would include the North Coast, said Adatto. I think the recent activity is indicative of Capital Pacifics ability to find and convince buyers to look in smaller healthy markets ... as well as the general improvement of the commercial real estate market, which gives investors the confidence to look at properties located in smaller markets.
First Western Development Services in Edmonds, Wash., bought 5.5 acres from the adjacent Home Depot and began construction on three buildings for Staples, Big Five and Dollar Tree. Petco eventually replaced the Big Five concept, and OReillys bought another parcel of land from Home Depot next door for its Warrenton location.
A second phase of the project added another 18,000 square feet of retail space to the complex for smaller businesses such as Farmers Insurance and Serendipity Caffe. CMH announced in late 2012 that it would open its CMH Primary Care Clinic this summer.