By Kate Snyder
A retail asset in Everett traded hands in a deal that shows the city’s retail market continues to interest investors. The property, which is situated on the southern edge of the city, was purchased for $12.9 million, or approximately $434 per square foot, according to Snohomish County property records. The buyer was an entity affiliated with Edward O’Sullivan, chairman of Pacific Centers, Inc., and the seller was an entity affiliated with Western Williams, who is a partner at Western Property Management.
Located at 5006 132nd St. SE, the property comprises four buildings at 16,746, 3,372, 3,516 and 6,045 square feet, county records show. The parcel totals about 3.6 acres of land. Businesses with addresses at the site include Pizza Hut, Taco Bell and Bartell Drugs.
The same seller was involved in the sale of an office building in Redmond earlier this year. That property, Cascade View East, was sold for $10 million, or approximately $713 per square foot, by another entity affiliated with Williams, according to The Registry’s previous reporting. The buyer in that transaction was an entity affiliated with 16310 80th Owner LLC, based in Cleveland, Ohio. The building is located at 16310 NE 80th St. and totals 14,022 square feet.
Everett has seen other retail properties trade hands within its borders.
Last year, Greentree Plaza, an 83,035 square foot shopping center was purchased by Transnational Management for $23.7 million, or about $285 per square foot. Located at 305-505 SE Everett Mall Way, the property encompasses big box, inline and pad space, all constructed between 1988 and 2004. Greentree Plaza was 96 percent leased at the time of sale to 18 tenants, including several national brands.
In a separate sale earlier this year, a two-tenant retail property occupied by Pacific Dental Services and Coldwell Banker sold for $2.8 million, or about $733 per square foot. The seller was a private investment company based in Orange County, Calif., and the buyer was a private investor based in Seattle.
