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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)
