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IN GOOD COMPANY

RAINIER SQUARE

RAINIER SQUARE

The 75,000 square foot under-performing shopping center on 9.35 acres was purchased for $4.15M in June of 2013. Since that time, Rainier Square has been radically transformed from an under-developed and under-utilized 1960’s style-center, to the vibrant mix of dining, retail, hotel and commercial businesses it has now become. Today, the appraised value of the property, including the hotel, is valued at $48.5M. 

 

In 2020 the original 1960’s building underwent an extensive facade update including raising the parapet, and adding multiple tower elements and columns, utilizing various metal, stucco, and stone materials to modernize the shopping center. 

 

The property continues to improve, with StarCycle, CosmoProf, and Habit Burger joining the shopping center as tenants in 2020.

LOCATION

Yakima, WA

PROPERTY TYPE

Unanchored Retail

LAND SIZE

9.35 Acres

BUILDING SIZE

52,659 SF

PURCHASE PRICE

$4,150,000

SALE PRICE | RED ROBIN

$1,950,000

SALE PRICE | RETAIL STRIP

$3,700,000

PROJECT VALUATION

$51,500,000

RAINIER SQUARE BEFORE

RAINIER SQUARE WEST

The 20,000 square feet of retail space on 2.27 acres bordering the west side of the existing Rainier Square was purchased for $1.7M in May of 2014. The property was redeveloped and added a pad that was subsequently sold to a quick-service restaurant user for $1M in December of 2015. The appraised value of the remaining property was $4.75M in August of 2015.

LOCATION

Yakima, WA

PROPERTY TYPE

Unanchored Retail

LAND SIZE

2.27 acres

BUILDING SIZE

20,000 SF

PURCHASE PRICE

$1,700,000

SALE PRICE | PAD

$1,000,000

REMAINING VALUATION

$4,700,000

RAINIER SQUARE EAST

The 8 acres of land bordering Rainier Square was purchased in the spring of 2016 for $3.9M. The Property was developed as a 7,000 square foot strip center and a quick-service restaurant. The strip center and quick service restaurant were sold for $3.6M in June of 2017 and $2.41M in January of 2018.

LOCATION

Yakima, WA

PROPERTY TYPE

Unanchored Retail

LAND SIZE

8 acres

BUILDING SIZE

7,000 SF

PURCHASE PRICE

$3,900,000

SALE PRICE | RETAIL STRIP

$3,300,000

SALE PRICE | QSR

$2,410,000

REMAINING VALUATION

$21,000,000

(includes Home2 Suites)

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© 2020 Hogback Development Company

2612 West Nob Hill Blvd, Suite H  |  Yakima, WA 98902
 

PH: 509.834.2243

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