Search
 

Metropolitan Life Sells 96,671-SF Shopping Center to Pan Pacific for $15.75 Mil

MILL CREEK, WA-"It's a nice little institutional investment in a fast-growing trade area near Everett," says Paul Sleeth of Colliers International, who represted Metropolitan Life in the sale of the Safeway-anchored strip mall.

By Janet Parker | Updated on January 10, 2001

MILL CREEK, WA-Mill Creek Gateway Shopping Center has a new owner. Pan Pacific Retail Properties paid Metropolitan Life Insurance Co.$15.75 million for the 96,671-sf Safeway-anchored strip mall, according to Paul Sleeth of Colliers International, who brokered the transaction on behalf of Metropolitan Life. Sleeth tells GlobeSt the sale was probably unloaded because the property had reached its “designated hold period.”

Lynwood-based Gramor Development built the center in 1995. It is located at the intersection of Bothell-Everett Highway and 132nd Avenue. Beside Safeway, another key tenant in the center is Blockbuster Video. “It’s a nice little institutional investment in a fast-growing trade area near Everett,” says Sleeth.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.