The sale completes the largest retail turnaround in the history of MBK Northwest, which brought in another $40 million or so selling off the rest of the center over the past two years.
MBK created Parkway SuperCenter from two adjoining strip malls it acquired in 1997, Pavilion Mall and Parkway Plaza. The properties had outdated, industrial facades and awkward configurations that MBK says led to the failure of both properties.
MBK proceeded to raze Pavilion Mall and reconfigure Parkway Plaza. In so doing it attracted solid big-box retailers like Pier 1 Imports, Babies R Us, Best Buy, Old Navy and Michaels and several large-format restaurant chains including Claim Jumpers, Red Robin, Applebees and Newport Bay Restaurant.
In announcing the sale, MBK Northwest President Mason Frank describes the sale of Parkway SuperCenter as "one of MBK's most successful redevelopment projects" and "the largest sale in MBK Northwest's history."
MBK Northwest is a division of MBK Real Estate Ltd., the Irvine, Calif.-based real estate arm of Mitsui & Co. Ltd., the world's third largest corporation. In 1995, MBK Northwest bought the long-struggling Jantzen Beach Mall in Portland, conducted a $50-million turnaround in 14 months and sold it off in 1997 as Jantzen Beach SuperCenter, a collection of 13 major discount stores. MBK Northwest is currently building Phase II of Lakewood Towne Center, a 100-acre, 850,000-sf center in Lakewood, Wash.
Retail REIT Kimco Realty Corp., the buyer of Parkway SuperCenter, is the nation's largest publicly traded owner and operator of neighborhood and community shopping centers, with almost 610 properties comprising approximately 81 million sf of leasable space.
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