Park Place

IPA Arranges $23.4 Million Acquisition Loan for Park Place Retail Property in Metro Seattle

by Julia Sanders

Tukwila, Wash. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $23.4 million acquisition loan for Park Place, a regional strip center in Tukwila, about 12 miles from Seattle. Ray Allen of IPA’s Seattle office secured the 10-year financing, which features a loan-to-value ratio of 65 percent and a 3.5 percent interest rate. Built in 1996, the property features 153,454 square feet of retail space, and is located at 17501 Southcenter Parkway. Current tenants include JoAnn Fabrics, K&G, HomeGoods, Ashley Homestore and PetSmart. The buyer and seller were not disclosed.

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