Life Insurer Sells 91,524-SF Retail Center

SPOKANE VALLEY, WA-The Spokane Valley Plaza shopping center here sold Friday for just under $13.3 million. Michaels Crafts, Ross Dress for Less and Eddie Bauer anchor the 91,524-sf development. The center is also shadow-anchored by a recently expanded Wal-Mart and Toys ‘R’ Us that add an additional 295,000 sf to the development.

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.