The buyer is a Northwest partnership that acquired the purchase option from Jacksonville, FL-based Regency Centers, which will manage and lease the project. The seven-year-old property includes 2.2 acres in between Eddie Bauer and Ross Dress for Less that can hold another 50,000 sf of retail space.
Regency's Craig Ramey tells GlobeSt.com that a long-term lease has been signed with PetsMart for half of the new space. Negotiations are currently underway with another national tenant for the remainder of the space, says Ramey. Construction of the new space is scheduled to start in May and be complete by November.
The center is located right off Interstate 90 at the intersection of North Sullivan Road and East Broadway. The new ownership is comprised of Dunn Spokane LLC, Clifford Entities LLC, and FWP Spokane LLC. The sale was brokered by Paul Sleeth of Colliers International in Seattle. The seller was Western United Life Assurance Company.
Sleeth tells GlobeSt.com the closing was delayed by a few days last week because the company was placed in receivership, which meant the state of Washington had to sign and approve all closing documents. State Insurance commissioner Mike Kreidler made the move in order to protect policyholders following the recent Chapter 11 bankruptcy filing by Western United's parent, Spokane-based Metropolitan Mortgage & Securities Inc.
Western United isn't directly associated with the February filing; however, Kreidler filed an uncontested petition for receivership Tuesday in Thurston County Superior Court, after the insurer indicated that it would likely be responsible for an $18-million tax liability incurred by the parent company. The tax liability stems from a tax shelter that Metropolitan made on behalf of itself and Western United.
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