Sea-Tac Mall Owner Buys Everett Mall for $50M

EVERETT, WA-Steadfast Commercial Properties has acquired the 677,123-sf Everett Mall in South Everett for $50.2 million, giving it two malls in the region. In February 2003, the Newport beach, CA-based company paid about $37 million for the 736,000-sf Sea-Tac Mall, which it renamed the Commons at Federal Way.Steadfast, which acquired the property as the up-leg of a 1031 exchange, says it is planning a major expansion of the retail property. The expansion will be called Everett Village and include a theater and 100,000 sf of big-box retailer. Steadfast says its commercial management subsidiary will hire the property’s existing on-site staff and take over management of the property from Madison Marquette Retail Services.The mall is anchored by Sears, Bon-Macy’s and Mervyn’s. Vacancy at the mall is about 20%. David Lee of Irvine, CA-based Faris Lee Investments brokered the transaction. Lee was unavailable for comment Wednesday afternoon.The seller was New York-based Equitable Life Assurance Society of the United States. Equitable took title to the mall in 2001 after the mall’s owner, a group of partnerships led by Titanic Associates of Morristown, N.J., defaulted on its mortgage.