Great Floors sells five properties
Cd’A retailer to continue to operate its stores in acquired buildingsApril 21st, 2022
Coeur d’Alene-based retailer Great Floors LLC has recently sold five store buildings with about 176,000 square feet of retail space combined, including one store in Spokane Valley and one in Coeur d’Alene, says Clayton Brown, Seattle-based managing partner of Marcus & Millichap Retail Group.
Marcus & Millichap, a commercial real estate company, represented Great Floors in the nearly $33 million transaction.
Regional Great Floors stores located in Spokane Valley, at 13708 E. Indiana, and in Coeur d’Alene, at 3800 N. Government Way, were among the five properties sold in the transaction.
“All of the locations that we’ve sold will remain Great Floors,” Brown says.
Chris Edwards, market director for Marcus & Millichap in Seattle, says the transaction was for the purchase of the buildings only and Great Floors will remain as long-term tenants at all five properties.
A representative of Great Floors couldn’t be reached immediately for comment.
“They’re definitely not trying to consolidate properties or slow down,” Brown asserts. “If anything, they’re growing at a record pace.”
The Great Floors store in Spokane Valley has about 46,000 square feet of space and was purchased for $8.4 million. The Coeur d’Alene Great Floors property is about 38,000 square feet in size and was sold for $7.7 million.
Both properties were purchased by investors from California, Brown says.
Three other Washington state properties were sold in Kennewick for $7 million, in Lacey for $7.4 million, and in Yakima for $2.7 million.
Transaction details provided by Marcus & Millichap show the purchasers of the properties include a buyer from western Washington as well as 1031 exchange investors from both western Washington and California.
A 1031 exchange, which refers to IRS tax code Section 1031, allows investors to avoid paying capital gains when selling one property and using the proceeds to by another “like-kind” property.
Brown declines to disclose the private group members involved with the purchase of the stores.
Great Floors’ headquarters is located in a multitenant office building at 505 E. Front, in Coeur d’Alene. The flooring contractor has been in business for 50 years.
The company operates 22 retail and commercial showrooms in Washington, Idaho, and Montana, according to its website.
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