By Jack Stubbs
A shopping center in Everett, Washington recently changed hands between two California-based property management companies.
On Thursday, December 21st, a five-parcel property, which contains the Everett Village Center, sold for $24.85 million, or roughly $205 per square foot, according to public records filed with Snohomish County. The buyer of the property was PAPF Everett LLC, an entity affiliated with Corte Madera, California-based Argonaut Investments, a company that focuses on the acquisition, management and redevelopment of community shopping centers throughout the western U.S. The seller of the shopping center property was San Francisco-based Stockbridge Real Estate, an investment management firm. The deal was recorded on December 28th.
Stockbridge Real Estate purchased the property from SJ Realty Investments LLC for $17.1 million in August 2015, according to public records.
Neither the buyer nor the seller responded for comment about details of the transaction in time for the publishing of this story.
Located at 1130 SE Everett Mall Way, the property is comprised of five parcels that include the Everett Village Center, a 120,859 square foot shopping center, according to a property report by Madison Marquette. The shopping center is occupied by various retail tenants including Bed Bath & Beyond, Best Buy, PetSmart and T.J. Maxx, among others. According to the report, Everett Village is a regional destination due to the strong national tenants that occupy the complex.
The property’s location is one of its main assets, located immediately adjacent to the Everett Mall along Everett Mall Way. The property is less than a mile from Interstate-5 and also sits in close proximity to the intersection of Washington State Route 526 and State Route 527. The property is located roughly five miles south of downtown Everett. Additionally, the asset is close to Boeing’s Everett factory, which is approximately four miles to the west.
Founded in 1992, Argonaut Investments operates across the western U.S. and has a portfolio that currently consists of over 25 properties, with more than $400 million in assets under management, according to the property’s web site. The portfolio includes more than 2.5 million square feet of retail space across the western U.S.
The company manages shopping center complexes in locations such as California, Oregon, and Washington. Some of the company’s other Washington assets include the Central Highlands Plaza in Renton, a property with 94,223 leasable square feet; Nob Hill Shopping Center, a complex located in Yakima; and Court Street Plaza, a property in Pasco that totals 117,030 leasable square feet.
Stockbridge Real Estate operates a portfolio comprised of assets across the investment risk spectrum including core, value-added and opportunistic strategies, according to the company’s web site. As of September 30th 2017, Stockbridge and its affiliates have approximately $11.3 billion worth of assets under management that span all major real estate property types. The company has offices across the U.S. in New York, Los Angeles, Chicago and Atlanta.