Home Commercial Brixton Capital Acquires Everett Mall for $36.4MM

Brixton Capital Acquires Everett Mall for $36.4MM

Brixton Capital, Everett Mall, Everett, Snohomish, Steadfast Companies, Canyon Partners, PECO Real Estate Partners, JLL, Puget Sound
Image courtesy of DCI Engineers

By Vladimir Bosanac

Solana Beach, CA-based Brixton Capital has acquired the Everett Mall for $36,350,000, according to public records filed with Snohomish County. The deal, which was completed on September 29, 2017, closed on October 3rd. The deal does not include the entire mall—the Macy’s building was not included in the transaction, but a total of twelve parcels were part of the sale. Macy’s announced earlier this year its intent to close the Everett Mall location.

The mall, located at 1402 SE Everett Mall Way, was sold by Steadfast Companies and Los Angeles-based Canyon Partners. Aside from Macy’s, other retailers in the property include Old Navy, Payless, Regis Salon, The Vitamin Shoppe and Best Buy, to name a few.

Steadfast and Canyon Partners have been actively selling the property over the last two years. In June of 2017, The Registry reported that Park City, Utah-based PECO Real Estate Partners had placed under contact the mall as a potential acquisition in the future. “It’s our intention that we would like to acquire the property sometime in the next 30 to 45 days,” said Mike Phillips, president of PECO Real Estate at the time in an interview.

However, that sale did come to fruition, and Brixton stepped in to make the sale happen. “The retail market is in flux, but this has allowed us to secure an established property in one of the fastest-growing markets in the country at an otherwise unachievable basis,” said Bob Emri, Brixton Capital’s chief investment officer in a prepared statement.

Brixton brought in JLL to manage and lease the 676,880 square-foot enclosed mall.

“The trade area brings the buying power of more than 560,000 residents to the mall, making it a top destination for retailers looking to expand in the region,” said JLL’s Senior Vice President of Operations, Sherri Lusk in a statement. “We look forward to furthering Everett Mall as an exciting destination for these shoppers, backed by Brixton Capital’s strong commitment to the center and community.”

The mall was originally built and opened in 1974 after the Boeing bust stalled construction in 1972, according to a Wikipedia entry. In 2004, the mall underwent a massive expansion and renovation. A new 16-screen movie theater and several new stores were built as part of this expansion by the mall’s owners, Steadfast Companies.