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Seattle Retail Portfolio Trades for $175M

Haggen Family Sells 15 Grocery Anchored Sites, 5 Development Pads near Puget Sound
October 30, 2012
Briar Development, the real estate holding company for the Haggen family, sold a retail portfolio to San Diego-based MGP X Properties LLC, an affiliate of Merlone Geier Properties, for $175 million.

The transaction includes 15 operating sites leased to regional grocery chains Haggen Foods and Top Foods. 14 of those are located in the Puget Sound area, with one additional site in Oregon. Also included were five undeveloped sites slated for future development. These include small pad sites adjacent to the operating stores as well as undeveloped sites not in relation to an operating store, and were valued at $10 million in the deal.

Paul Sleeth, senior vice president and Billy Sleeth, vice president with Colliers International in Seattle represented the buyer.

Please see CoStar COMPS #2587088 for additional information on this transaction.

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