Kiemle Hagood is pleased to announce the sale of 5 Mile Shopping Center, one of North Spokane’s largest grocery-anchored retail centers, for $32 million.
Located at 1812 W. Francis Avenue near the intersection of Francis Avenue, Ash Street, Maple Street, and Five Mile Road, the multi-tenant retail property includes approximately 14.2 acres and more than 163,000 square feet of retail space.
Romax 5 Mile LLC purchased the property from 5-Mile Investment Company I LLC. Kiemle Hagood’s Casey Brazil and Richard Fox represented the seller in the transaction, while Colin Conway and Steve McIntosh, also of Kiemle Hagood, represented the buyer.
The transaction has also received local media attention, including coverage from KHQ/NonStop Local, which highlighted the sale as a major North Spokane retail transaction and noted the center’s grocery anchor, strong tenant mix, and local ownership transition.
A Strong Grocery-Anchored Retail Asset
5 Mile Shopping Center is anchored by Rosauers and includes a recognizable mix of national, regional, and local tenants, including Starbucks, Chipotle, Taco Bell, Washington Trust Bank, Mister Car Wash, GNC, Edward Jones, and others.
The sale reflects continued investor demand for necessity-based, grocery-anchored retail assets in established neighborhood locations throughout the Inland Northwest. These types of centers remain attractive because they serve daily consumer needs, generate consistent traffic, and are often supported by long-term neighborhood stability.
“5 Mile Shopping Center is a fundamentally strong retail asset. Grocery anchored, well located, and supported by a diverse tenant mix,” says Casey Brazil. “Assets with these characteristics continue to attract strong investor interest because they combine daily-needs traffic with long-term neighborhood stability.”
Local Ownership and Long-Term Market Confidence
The transaction is also significant because the property is transitioning to a local real estate developer with a long-term interest in Spokane.
“This transaction reflects the continued strength of grocery-anchored retail in Spokane,” says Colin Conway. “It is especially meaningful to see a property of this scale transition to a local real estate developer with a long-term interest in Spokane. This is an investor who understands the market, the neighborhood, and the long-term value of keeping a major North Spokane retail asset locally owned.”
As North Spokane continues to grow and evolve, established retail centers like 5 Mile Shopping Center play an important role in serving nearby residents, supporting local commerce, and anchoring neighborhood activity.
Continued Strength in Inland Northwest Retail
The sale of 5 Mile Shopping Center underscores the ongoing strength of well-located retail assets throughout the Inland Northwest. While national retail trends continue to shift, grocery-anchored and necessity-based centers remain an important segment of the commercial real estate market.
For owners, investors, and tenants, the transaction demonstrates the value of strong location fundamentals, established traffic patterns, daily-needs retail, and experienced local market guidance.
Kiemle Hagood is proud to have represented both sides of this transaction and to continue supporting commercial real estate activity across Spokane and the greater Intermountain Northwest.
Kiemle Hagood is a Spokane-based commercial real estate firm providing commercial sales and leasing, property management, HOA management, and facility services throughout the Intermountain Northwest.
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