Marcus & Millichap Arranges the Sale of a 23,679-Square-Foot Retail Property in Washington

KENT, WA, May 12, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Washington Square, a 23,679-square foot retail property located in Kent, WA, according to Joel Deis, regional manager of the firm’s Seattle office—the asset sold for $6,350,000.

The buyer, a limited liability company, was secured and represented by RJ Vara, an investment specialist in Marcus & Millichap’s Seattle office.

Washington Square is located at 310 Washington Ave N in Kent, WA.  The property has two tenant types, a large auto service use and three retail tenants. “Notably, the seller is providing a rent guarantee for the auto service tenant through the end of the year, at which point the lease is scheduled to renew at a higher rental rate. The total value of the rent guarantee is approximately $76,000; however, no deduction is warranted as the seller is covering the rental differential,” said RJ Vara.

The property is currently 100.0% occupied by third-party tenants, exceeding the estimated stabilized occupancy level of 95.0%. The subject property is a four-tenant retail center situated on a prominent corner along a local arterial in Kent. Financing for the transaction was arranged by Ray Allen of MMCC.  

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About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.