Madison Marquette continues to have the leasing assignment for both properties, says Alexander. Trammell Crow previously held the management assignment.
Commons at Issaquah is a 360,000-sf community center located 30 minutes east of the city. Anchor tenants are Target, Safeway, Ross, Bed, Bath & Beyond and Long's Drug. Occupancy is 96.4%. The owner of the property was not immediately available, but the asset is managed by Chicago-based Heitman Capital Management.
Lake Forest Park Towne Center is a 250,000-sf open-air, community shopping cener 20 minutes north and east of the city that is 91% leased. Anchor tenants are Albertsons, Rite Aid, Third Place Books and Jo-Ann Fabrics & Crafts. The property is owned by GE Invesments Co.
At Commons at Issaquah, Alexander says his charge has been to move the shopping center toward more of a lifestyle tenant mix, as a fair amount of shop space is scheduled to rollover in the next couple of years. "We've added Bed, Bath & Beyond and hope to add more," he says. The annualized asking rate for shop space is $25 to $30 per sf.
At Lake Forest Park Towne Center, Alexander says much of the vacancy is one 35,000-sf space, for which the asking rate is $10 per sf. The asking rate for shop space is $18 to $22 per sf.
In the market for five years now, Alexander says Madison Marquette now has seven properties under its management wing. Madison Marquette recently secured FOX Sports Grill as a tenant for 601 Pine St. Madison Marquette owns the propety, which also housed Old Navy and Gene Juarez Salon & Spa.
Madison Marquette, an affiliate of international investment firm Capital Guidance Corp., is an owner, developer and manager of retail real estate. The comapny oversees more than 28 million sf of regional malls, specialty centers, community centers, urban villages and other retail and mixed-use properties throughout the US.
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