Lou Senini of the Seattle office of CB Richard Ellis co-brokered the transaction with Don Fosseen and Steve Storrar—specialists in retail and office investment properties. As the exclusive agents for CAPROC (formerly known as Capozzoli Advisory for Pensions), Senini tells GlobeSt.com the trio procured the buyer as well—Sherman Oaks, Calif.-based ACF Property Management.
According to Senini, the mall, located at 1321 SE Everett Mall Way, contains nine, small retail buildings set about an approximately 9.5-acre site. The space is currently 98% leased, with only very small spaces now available. The plaza's key tenants include major chains, such as Toys R Us, Michael's and Petco.
Senini confirmed that current lease rates in the mall, built in 1985, vary between $14/sf and $22 per sf. "There's a pretty big variation because of the different sizes of the spaces," he says. Rents in comparable properties throughout the south Everett retail area range (for the most part) between $11 per sf and $25 per sf according to one GlobeSt.com source.
The mall's new California owner is no stranger to Puget Sound real estate. Its first acquisitions here came during the 1990's when ACF owned ten Snohomish county apartment complexes. Then three years ago, the company opted out of those multi-family properties and opted into the retail market instead as a measure of diversification.
The broker describes Everett as "a good retail market" where investor demand remains high. "There is strong demand here from the investor community," says Senini, who adds, "Grocery anchored properties (like the Everett Mall Plaza) are a very desirable product type now."
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