Rich Development Sells Washington Retail Property

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Commercial Property Executive

A private investment group from Beverly Hills has purchased a single-tenant, net-lease property in Spokane, Wash., from Rich Development. The sale price for the property was just over $10.2 million.

Located on nearly 8 acres at 7619 N. Division St., the property is newly re-opened and is occupied by the retail chain company At Home. The 86,502-square-foot building was built in 1992 and was formerly a Costco. In 2019, it was remodeled to accommodate the new tenant. At Home has recently procured a new, long-term lease for the asset.

Hanley Investment Group’s Executive Vice Presidents Bill Asher and Jeff Lefko, along with President Ed Hanley, represented the seller. The investment group was able to procure a buyer that owns several At Home locations as well as other real estate in the Spokane area.

The same team also recently brokered a record sale in the Inland Empire for a two-building retail asset.