Stan Rosen, of the Bellevue, WA-based Rosen-Harbottle Commercial Real Estate that brokered the deal, says the sellers had owned the property for 35 years and its depreciation prompted them to exchange it for a larger property. In fact, the Everett Plaza Shopping Center Partnership bought a Tukwila shopping center earlier this month for $11.7 million. The 85,000-sf Parkway Square shopping center is anchored by Toys R' Us, Magnolia Hi-Fi and Sterling Jewelers.
The Everett Plaza shopping center sits on six acres. It was built in 1967 and renovated in the late 1990s. Major tenants include Washington Mutual Home Loan Center and the state Department of Licensing. Krista Haverly of CB Richard Ellis handles the leases for the shopping center.
The Asia First Deal also marks the second big mall sale reported by GlobeSt.Com earlier this month. 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 $19.15million.
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 said the trio procured the buyer as well -- Sherman Oaks, Calif.-based ACF Property Management.
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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