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Sakioka Farms Acquires Lynnwood Retail Property For $45M

Property Image
SOLD
$45,000,000
Billy Sleeth
Rob Ippolito
+ 2

Washington

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Retail103,141 SF
Sold 08/18/2022
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Property Image
SOLD

Sakioka Farms Acquires Lynnwood Retail Property For $45M

6218 196th Street Southwest, Lynnwood, Washington 98036, United States

See Similar Deals
Retail103,141 SF
Sold 08/18/2022
Billy Sleeth
Rob Ippolito
+ 2
Contact now

Summary

WASHINGTON
Asset Type:Retail
Price Per Square Foot:$436
Total Square Footage:103,141 SF
Transaction Type:Sale

The retail property located at 6218 196th St SW in Lynnwood, WA has been sold for a total price of $45,000,000. The property spans 103,141 square feet, resulting in a price per square foot of $436. The transaction took place on August 18, 2022.

Summary of transaction details:

The deal was facilitated by the brokers Billy Sleeth, Paul Sleeth, Pete Bethea, Glenn Rudy, and Rob Ippolito from Newmark. Sakioka Farms emerged as the buyer, while Sterling Realty Organization acted as the seller. The property's location at 6218 196th St SW in Lynnwood, WA, coupled with its size of 103,141 square feet, made it an attractive investment opportunity.

Players

Rob Ippolito
13 deals$486.4M volume
BROKER

Glenn Rudy
Newmark
14 deals$541.4M volume
BROKER

Pete Bethea
Newmark
11 deals$526.5M volume
BROKER

Billy Sleeth
Newmark
2 deals$60.8M volume
BROKER

Paul Sleeth
Newmark
1 deal$45M volume
BROKER

BUYER

Details

SOLD
IMAGE: Billy Sleeth, Paul Sleeth, Glenn Rudy, Pete Bethea & Rob Ippolito DATE: 08/18/2022 ADDRESS: 6218 196th St SW MARKET: Lynnwood, WA ASSET TYPE: Retail BUYER: Sakioka Farms SELLER: Sterling Realty Organization BROKERS: Billy Sleeth, Paul Sleeth, Pete Bethea, Glenn Rudy & Rob Ippolito - Newmark SALE PRICE: $45,000,000 SF: 103,141 ~ PPSF: $436

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,400,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$159,875.50
Cash-on-Cash Return-1.27%
Monthly Debt Service$213,322.96
Annual Debt Service$2,559,875.50