$37M Buys 290,000-SF Totem Lake Mall

KIRKLAND, WA-Developers Diversified Realty and Coventry Real Estate Advisors have jointly acquired Totem Lake Malls, a 290,000-sf shopping center located adjacent to Interstate 405 in this affluent suburb east of Seattle.

The property is approximately 78% leased and is anchored by Trader Joe’s, Ross Dress For Less, CompUSA, Famous Footwear, Rite Aid and Big 5 Sporting Goods. A source at DDR tells GlobeSt.com the acquisition price was $37 million. DDR says it will pursue a large-scale redevelopment of the mall.

Totem Lake Malls was built in 1973 as a two-story enclosed regional mall. At one time several anchor tenants in the mall reported the highest sales volumes of their respective chains, according to DDR. Since that time, the company says the property changed ownership and many of the local and regional tenants closed.