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LYNNWOOD, WA-The 165,000-sf Lynnwood Center shopping complex has changed hands for $29.6 million. An entity of BlackRock Inc., the asset management arm of PNC Bank acquired the retail center from an entity that includes Seattle developer Michael Sandorffy.The retail center sits at one of the busiest intersections in the state: the southeast corner of 196th Street SW and Highway 99, where some 40,000 vehicles pass daily. Major tenants include Safeway, JoAnn Fabrics and Hollywood Video. Vacancy is about 2%, according to Jim Alexander of Madison Marquette, the new leasing agent for the property. The previous leasing agent was CB Richard Ellis.Reynolds Haas, a senior vice president at Colliers International in Seattle, represented the seller with partner Paul Sleeth. Citing client request, Haas declined to confirm the names of the parties involved or provide a cap rate on the investment. The sale price for Lynnwood Center translates to $181.81 per sf. About 18 months ago, Sleeth sold the Alderwood Plaza Shopping Center, a 178,581-sf center on the other side of Lynnwood--adjacent to the recently renovated and expanded Alderwood Regional Mall--for $21 million, or $117 per sf. Vacancy at the time of sale was not immediately available, but major tenants included QFC, Office Max, Rite Aid, Big 5 Sporting Goods, Red Robin Restaurant, Payless ShoeSource and Seattle's Best Coffee. The seller was the estate of James Campbell. The buyer was Gramor Development WA LLC.BlackRock is one of the largest publicly traded investment management firms in the US with $342 billion in assets under management as of the end of 2004. The company manages assets on behalf of institutional and individual investors worldwide through a variety of equity, fixed income, liquidity and alternative investment products. In January, BlackRock completed its acquisition of State Street Research and merged the SSR Realty Advisors and BlackRock mutual fund families, creating one of the 20 largest wholesale mutual fund families in the nation.