KIMCO Acquires 450,000 SF for $88.5M

TUKWILA, WA-Portland, OR-based MBK Northwest has sold off its last and largest chunk of its 700,000-sf Parkway SuperCenter development to New York-based KIMCO Realty Corporation for $88.5 million. KIMCO is acquiring 450,000 sf considered the core of the development.

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 The properties had outdated, industrial facades and awkward configurations that MBK says led to the failure of both properties.