Hoquiam Retail Property Trades for $7.5 Million

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Colliers International Facilitates Sale of Rite Aid-occupied, Stand-alone

A 17,384-square-foot, stand-alone retail property located at 3130 Simpson Avenue in Hoquiam, WA recently sold for approximately $7.5 million. The Lloyd Wells Gift Trust purchased the building at a 7.5% cap rate from Smith Legacy LLC.

Colliers International’s Reza Ghobadi of the firm’s Encino, CA office worked with Ryan Marn of the Seattle, WA office to connect the seller and buyer in the transaction.

Occupied by Rite Aid on a long-term NNN lease, the building is located at the intersection of Simpson Avenue and Myrtle Street along one of Hoquiam’s primary commercial corridors. This allows for service not just to Hoquiam, but also to the local communities of Aberdeen, Grays Harbor and Cosmopolis. Other nearby retailers include Dollar Tree and Anytime Fitness.

Mr. Ghobadi noted that, “The Simpson Avenue asset represents a stable investment in an established community. Both the buyer and seller achieved their goals in the transaction.”
 

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About Colliers International

Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn. To see the latest news on Colliers International in the Puget Sound Region, follow @CI_PugetSound on Twitter or check out the website at www.colliers.com/seattle.

For further information, please contact:

Mary Ryan, Marketing Director
Colliers International
Phone: 206 223 1438
Email: mary.ryan@colliers.com


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Reza Ghobadi

Senior Vice President

Los Angeles - Encino

With 30+ years of negotianting experience and over a decade representing investment clients in the multi-family markets of the sprawling San Fernando Valley and the Tri-Cities markets of Burbank, Glendale and Pasadena, and, in the process, Reza Ghobadi has consistently won top producer honors. His most recent achievements include: 2017,  2018 and 2019 Everest Club Top 10% Producer of Colliers Brokerage in North America and the recipient of Max Green’s 2017,  2018  and 2019 Top Producers Award.

Earlier in his professional career, Ghobadi owned and operated a hospitality and transport company with more than 50 employees whose success provided him with invaluable business acumen and gave him a running start when he decided to change careers in 2006, the year he began his commercial real estate career. Just 12 months later in 2007, he won “Rookie of the Year” honors and has never looked back.

Ghobadi, who is fluent in

kithree languages – English, Swedish and Farsi – continued to win top sales awards despite the economic downturn of The Great Recession of 2008, until it ended five years later in 2012. It was during this five-year period that he won top sales honors despite the severe economic downtown.

After continuing to climb the brokerage ranks at his previous firm, he held progressively more senior brokerage and management positions, including Director of Special Asset Services, where he specialized in the disposition of distressed and REO properties.

His lengthy experience first as a business owner and now as a senior investment broker, including stints at two other brokerage firms, along with his ability to fluently speak three languages in the polyglot markets that comprise so much of the Los Angeles Basin, has allowed him to create and maintain a loyal, ethnically diverse following of clients from a variety of backgrounds.

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