WOODINVILLE, WA—Woodinville Plaza, a 171,000 square foot grocery-anchored shopping center on the eastside of the Puget Sound region has been acquired by Retail Properties of America, Inc.
The REIT will pay $35.3 million for the asset, which is anchored by County Market, a SUPERVALU concept.
“The compelling characteristics of this acquisition meet our long-term objectives, with strong demographics and high barriers-to-entry,” stated Shane Garrison, executive vice president. “This asset will be a great addition to our expanding portfolio in the Seattle market, which has grown by over 350,000 square feet since the beginning of 2014, highlighting our ability to execute on our strategic plan as we continue to position the company for long-term growth.”
The property sits in a well-populated and affluent area of the Seattle MSA, with average household income of $111,000 and population of 189,000 within a five-mile radius. Positioned at a dominant intersection in downtown Woodinville, the property is 91.0% occupied and includes an attractive mix of national tenants, including T.J. Maxx and Rite Aid, in addition to a variety of small shop offerings, including fast-casual restaurants and service-oriented tenants. As a result of this transaction, and including a previously announced acquisition, the company will own over 1.2 million square feet in the Seattle MSA which will be its fifth largest market, based on square footage. The company's portfolio in this market boasts strong trade area demographics, including weighted average household income of $90,000 and population of 228,000 within a five-mile radius.
Retail Properties of America is one of the largest owners and operators of high quality, strategically located shopping centers in the United States. As of March 31 it owned 212 retail operating properties representing 31.3 million square feet.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
