Marcus & Millichap has completed the sale of The Junction, a 31,000-square-foot industrial property located in Woodinville, Washington. The asset sold for $10.51 million.
John Marks and RJ Vara, investment specialists in Marcus & Millichap’s Seattle office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. “This is the first time this Class A neighborhood center was on the market,” stated RJ Vara.
The Junction is located at 19151 144th Ave NE, and the property is 93% leased to various tenants, including fast food, auto care, and tasting rooms. All in-place leases mitigate expense growth through an NNN expense reimbursement structure and feature annual rental increases. The building, constructed in 2010, lends itself to a wide range of uses, enabling the asset to maintain nearly full occupancy since its completion.
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