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Briar Sells $175M Retail Portfolio to MGP X

SEATTLE-The transaction includes 15 operating sites and five undeveloped sites in the Puget Sound region and in Oregon.

By Carrie Rossenfeld | Updated on October 29, 2012

SEATTLE-Briar Development, the real estate holding company for the Haggen family, has sold a retail real estate portfolio for $175 million to MGP X Properties LLC. The transaction included 15 operating sites leased to Haggen Foods and Top Foods grocery stores, including five undeveloped sites for future development. The portfolio includes 14 properties located in the Puget Sound region and one property located in Oregon.

Paul Sleeth and Billy Sleeth of Colliers International represented the buyer in the transaction. Billy Sleeth tells GlobeSt.com, “It’s very difficult and rare to find a retail investment portfolio in the Puget Sound. There’s strong demand for grocery-anchored investments, and primarily along the I-5 corridor in the Puget Sound these are very hard to find.” A total of $165 million of the purchase price was allotted to the operating properties, and Sleeth says the buyer purchased the property as a cash-flowing investment.

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