Northmarq brokers $8.2M sale of J.O. Borgen Plaza in North Bend, Washington

NORTH BEND, Wash. — Northmarq's Pacific Northwest retail investment sales team has completed the $8.2 million sale of J.O. Borgen Plaza, a 28,418-square-foot multi-tenant retail center at 248-250 Bendigo Boulevard S and 249 Main Avenue S in North Bend, Washington. 

Managing Directors Sean Tufts and Kevin Adatto, Senior Associate Joe Dugoni, and Associate Jack Hallberg represented both the seller and buyer in the transaction.

Located in the Seattle MSA along the I-90 corridor, the center is occupied by a freestanding Wells Fargo branch along with a daily-needs shop lineup with Jersey Mike's Subs and The UPS Store, among others. The sale was aligned with a committed national retailer to backfill the 17,958-square-foot original Bartell Drugs building, which became dark following Rite Aid's acquisition and subsequent bankruptcy. New ownership will see the property back to full occupancy with a successful opening planned for 2027.

"Unfortunately, Rite Aid’s ill-fated acquisition of the Bartell Drugs brand and the subsequent bankruptcy of Rite Aid put tremendous stress on a very successful shopping center," Tufts said. "We're happy to have helped in a very challenging situation, and to have found a buyer that will execute on a replacement anchor that will keep this center serving the North Bend community for years to come."