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123,500-SF Center Fetches $19.15M

EVERETT, WA-The 17-year old shadow-anchored strip mall changed hands on March 27, after being held for nearly 11 years by the Michigan-based seller, CAPROC Inc. The sale marked the end of CAPROC's holding period says Lou Senini of CR Richard Ellis.

By Janet Parker | Updated on May 10, 2002

EVERETT, WA-After holding the Everett Mall Plaza since its 1991 acquisition, Michigan-based CAPROC Inc. decided it was time to part with the Everett Plaza Mall. The 123,439-sf strip mall, shadow-anchored by a grocery, reeled in $19.150 million. The adjacent Top Foods grocery store was not included in the sale.

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.

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