Irvine, Calif. —Bellwether Enterprise Real Estate Capital LLC (BWE)’s Irvine office has arranged a $35 million loan for the refinancing of a shopping center located in the state of Washington. Tenants at the property, which was 95 percent leased at the time of sale, include a grocery store anchor and 100,000-square-foot big-box retailer. Tom Turnage and Joe Galosic Jr. of BWE secured the financing through a life insurance company on behalf of the borrower. The non-recourse loan carries a five-year term with interest-only payments for two years, followed by a …
Vancouver, Wash. — Seven new tenants have signed leases at Vancouver Mall, a shopping center located in Vancouver, roughly 10 miles north of Portland. Twisted Escape Rooms, Paliy Construction, Mariya’s Touch Boutique and Luxury African Braids have already opened spaces at the property. Lo’u Sei e and Quick Bites Deli Shop will open in April of this year, with Smack Town scheduled to join the tenant lineup in May.
Ulta, At Home Sign Leases Totaling 95,000 Square Feet at Everett Mall Redevelopment in Metro Seattle
Everett, Wash. — Ulta Beauty and At Home Stores have signed leases totaling 95,000 square feet at Everett Mall, a property currently undergoing redevelopment in Everett, roughly 30 miles north of Seattle. Both retailers will open spaces within a building that formerly housed Sears. Existing tenant Ulta will occupy 10,000 square feet, with At Home leasing 85,000 square feet. Owner Brixton Capital purchased Everett Mall in 2017 and broke ground on the project earlier this year, which will comprise three phases of redevelopment. Bayley Construction is the general contractor, with …
Kent and Kennewick, Wash. — Newmark has arranged the sales of two retail properties, totaling 124,660 square feet, in Kent and Kennewick. One property is a 67,240-square-foot vacant former Tops Foods Grocer, located in Kent. The property is part of the Canyon Ridge Shopping Center, which is shadow-anchored by Target, Ross Dress for Less, Old Navy and Petco. Located in Kennewick, the second building is a 57,420-square-foot, single-tenant property that is triple-net leased to Sportsman’s Warehouse. The property is within the Colonnade Shopping Center, which includes Ross Dress for Less, …
Vancouver, Wash. — SRS Real Estate Partners has opened a Pacific Northwest office in Vancouver, approximately 10 miles north of Portland. Matt Martinez will lead the team, which will also include Candice Kelly, Raleigh Lau, Kim Phan, Dok Barley and Lindsay Garcia. “Reentering the market with a well-established team will gives us the ability to quickly respond to the needs of our clients in the region,” says Chris Maguire, chief executive officer of SRS.
Puyallup, Wash. — Hyperion Realty Capital LLC has acquired Meridian Place Shopping Center in Puyallup, roughly 35 miles south of Seattle. Built in 1979, the property comprises 127,429 square feet. Grocery Outlet and Michaels anchor the center, which was 70 percent occupied at the time of sale. Sean Tufts and Kevin Adatto of CPX arranged the transaction on behalf of Hyperion. An entity doing business as Meridian Place LLC was the seller.
Everett, Wash. — Hanley Investment Group Real Estate Advisors has arranged the $2.8 million sale of a 3,816-square-foot two-tenant retail property located in Everett, roughly 30 miles north of Seattle. Jeff Lefko and Bill Asher of Hanley, in association with ParaSell, represented the private California-based buyer in the transaction. Built in 1975 and renovated in 2017, the property is occupied by Pacific Dental Services and Coldwell Banker. Micahel Finch of CenturyPacific represented the buyer, a local private investor.
Everett, Wash. — CBRE has arranged the sale of Greentree Plaza, a shopping center located at in Everett, roughly 30 miles north of Seattle. ACF Property Management sold the retail center to Transnational Management for $23.7 million. Built between 1998 and 2004, Greentree Plaza comprises 83,035 square feet of retail space. At the time of sale, the property was 96 percent leased to 18 tenants, including Chipotle Mexican Grill, Starbucks Coffee, Sportsman’s Warehouse, Jamba Juice, Visionworks, Bank of America, Subway and Supercuts. The plaza shares a parking lot with a …
Seattle — Starbucks Coffee (NASDAQ: SBUX) has announced plans to open 2,000 stores by 2025 and invest $450 million in its North American real estate, which will include the modernization of existing locations across the U.S. The announcement took place during the company’s 2022 Investor Day conference in Starbucks’ home town of Seattle. The company’s reinvention plan includes the implementation of a store design that streamlines work behind the counter, enabling better connection with the customer. Starbucks also plans to reorganize its real estate portfolio to include a greater number of pick-up …
Lynnwood, Wash. — Sterling Realty Organization has sold Lynnwood Crossroads, a grocery-anchored shopping center located roughly 16 miles north of Seattle in Lynnwood, for $45 million. Pete Bethea, Glenn Rudy and Rob Ippolito of Newmark represented the buyer, Sakioka Farms, in the all-cash 1031 exchange transaction. Billy Sleeth and Paul Sleeth, also of Newmark, represented the seller. The 103,141-square-foot property was fully occupied at the time of sale by tenants including Sprouts Farmers Market, LA Fitness, Starbucks Coffee, Jersey Mike’s Subs, Five Guys, The Joint Chiropractic, Great Clips and Qdoba.