160,000-SF Downtown Retail Development Sells for $54.5M

SEATTLE-City Center Retail LLC has acquired the 160,000-sf Meridian retail development Downtown for $54.5 million. The property is 90% leased to several tenants, including Niketown, Loews Cineplex, Levi’s, Fidelity and Sega Gameworks.

City Center Retail’s equity partner for the acquisition was Angelo Gordon & Co., a New York-based investment banking firm that has partnered on several City Center Retail acquisitions.

“We are excited about The Meridian and being active in the Seattle Market; this property has never realized its full potential and we are already in negotiations with several tenants for the vacant space,” says Sigurd Anderson, partner, City Center Retail LLC. “There is tremendous interest from retailers who want to be in the strengthening downtown Seattle market.”