January 20, 2020 – Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm has arranged the sale of a single-tenant net-lease property occupied by a newly opened At Home in Spokane, Washington. The sale price was $10,240,000.
Hanley Investment Group’s Executive Vice Presidents Bill Asher and Jeff Lefko, along with President Ed Hanley, represented the seller, Rich Development of San Pedro, California. The buyer, a private investment group from Beverly Hills, California, was represented by Mark Thiel of Marcus & Millichap of San Diego, California.
Located on 7.99 acres at 7619 N. Division Street in Spokane, the newly remodeled 86,502-square-foot building occupied by At Home is a former Costco building, which was remodeled in 2019 to accommodate the new tenant. At Home had a brand-new, long-term lease.
“Hanley Investment Group procured an all-cash Southern California-based 1031-exchange buyer that owns several At Home locations as well as other commercial real estate in the Spokane trade area,” said Asher.
Hanley adds, “We expedited the close of escrow to achieve a year-end closing for both the buyer and seller.”
At Home (NYSE: HOME) is a big box home décor superstore and one of the fastest-growing retailers in America. (The National Retail Federation ranked At Home #8 in its ranking of the “Fastest Growing Retailers in America” in 2019.) At Home offers more than 50,000 on-trend unique items across broad product categories including furniture, garden, home textiles, housewares, patio, rugs, tabletop decor, and wall décor along with a large portion of its space dedicated to seasonal decor. Since its IPO nearly three years ago, At Home has grown its annual store footprint, net sales and profit by more than 20%. Headquartered in Plano, Texas, the company currently operates 212 stores in 39 states. The average store is 110,000 square feet. In 2018, At Home had a record revenue of $1.2 billion.
“The At Home property benefits from more than 180,500 people within a five-mile radius of the property, and tremendous exposure, identity and visibility along North Division Street, which has 40,000 cars per day and is the dominant retail corridor in the region,” said Asher. “Nearby anchor tenants include Walmart Supercenter, Target, Lowe’s, Albertsons, Big Lots, Burlington, Grocery Outlet, Harbor Freight, Hobby Lobby, Home Depot, Michaels, PetSmart, Ross Dress for Less, Safeway, T.J.Maxx, Total Wine & More, Trader Joe’s, WinCo Foods, and the NorthTown Mall.”
Spokane, the state of Washington’s second-largest city, is located in eastern Washington situated 92 miles south of the Canada-US border, 18 miles west of the Washington–Idaho border, and 279 miles east of Seattle along I-90.
Hanley Investment Group has arranged the sale of 175 single-tenant and multi-tenant retail assets outside of California in the last 24 months. “California investors are leaving the state to purchase newer construction retail assets with new, long-term leases, located on A+ sites outside of California, and we don’t see this trend stopping any time soon,” said Asher.