BOTHELL, WA-Terramar Retail Centers LLC has paid $35 million for Canyon Park Place, a 130,786-square-foot neighborhood retail center here in an off-market transaction. The center, located within the I-405 corridor at the intersection of 228th Street and Bothell-Everett Highway, is anchored by a 45,772-square-foot QFC grocery and an 11,948-square-foot Bartell’s Drug.
“The center has a highly performing grocer and drug store, and its ability to serve the daily needs of the residents of Bothell and workers in the region has allowed it to maintain a solid track record of high occupancy and stability through this recent market downturn,” says Terramar’s vice president of acquisitions, Matthew Smith.
He points out that “Canyon Park Place is the dominant grocery-anchored center at the intersection that forms the hub of a major commercial region with more than 5.24 million square feet of office space surrounding the center. Additionally, Bothell is one of Seattle's most desired residential communities due to its quality of life and close proximity to major employment centers and cultural destinations in Canyon Park, Redmond, Bellevue and Seattle.”
The seller was a Seattle-based, family investment company that has owned and operated the center since they originally developed it in 1990. The seller was advised by Terry Moss of Commercial Realty Group Inc.
“Terramar is excited to add Canyon Park Place as our sixth grocery-anchored center to our existing Pacific Northwest portfolio,” says Terramar president and CEO Steve Bowers, in a prepared statement. “This is a strategic region for Terramar and an area where we are actively seeking to expand our footprint.”
According to Bowers, the center's “dominant commercial location, strong trade area demographics and established tenancy with daytime and nighttime activity characterize the type of grocery-anchored centers we are aggressively targeting as we look to expand our portfolio in 2012 and beyond.” Terramar is actively expanding its portfolio through acquisitions, new development and redevelopments of retail centers in its core markets in the western US.
“We are active investors in the marketplace and our strategy is to pursue shopping centers that will provide high-quality, stable cash flow through multiple economic cycles,” Smith says in the statement. “We are fortunate to be well-capitalized and able to close acquisitions quickly on an all-cash basis, which has proven advantageous in the current economic environment.”
Terramar recently acquired Encinitas Village, a 183,675-square-foot class A neighborhood retail center in Encinitas, CA, as GlobeSt.com previously reported. Terramar has acquired, managed and leased more than 6.5 million square feet in its 15-year history. The company currently owns and operates 22 neighborhood, community, specialty and power centers. Terramar’s operating and development portfolio includes more than 3.7 million square feet of retail area throughout the western US.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
