By Meghan Hall
Suburban retail assets are continuing to attract investors and deals throughout the region are continuing to close. In another recent transaction, an entity affiliated with Apollo Global Management purchased a Haggen Food and Pharmacy in Stanwood, Wash., for $15,488,429. The seller is San Francisco-based Merlone Geier Management.
The property is located at 26603 72nd Ave. NW and includes nearly 10 acres. The supermarket was originally constructed in 1995, according to data from the Snohomish County Assessor. Just off State Route 532, the site is adjacent to another shopping center anchored by Anytime Fitness and Stanwood Ace Hardware, as well as Stanwood Cinemas, Dollar Tree and Amigo Family Mexican.
Apollo Global Management was founded in 1990, and the firm currently has $72 billion in assets under its management and $33 billion of which includes real estate. According to its website, the firm is one of the world’s largest alternative investment managers and has a diverse number of pension funds, sovereign wealth funds, charitable foundations and financial institutions under its wing.
“Apollo’s real estate private equity business has a proven investment track record,” Apollo states on its website. “It orients around thesis-driven strategies guided by the identification and analysis of disruptive forces, demographic trends, and market dislocations or pockets of distress. This enables us to invest across market cycles and sub-markets, and into both traditional and niche asset classes.”
Apollo isn’t the only investor interested in the Puget Sound retail market. In recent weeks, a number of transactions have closed for suburban retail locations, including Realty Income’s purchase of a Tacoma Home Depot for $38.9 million and the sale of Edmond’s Salish Crossing Shopping Center for $16.85 million. In another transaction, Legacy Companies sold a Redmond-based strip center for $19.89 million to an entity associated with AMLI Residential. The sales indicate that while the 2020 retail market was slow, investor interest remains for a variety of asset types across the greater Puget Sound.
