By Jack Stubbs
Last week, on Wednesday, January 3rd, Bethesda, Maryland-based First Washington Realty, Inc. acquired seven parcels of land in Renton, which include the 214,834 square foot Fairwood Shopping Center, for $77.5 million, King County public records show.
First Washington Realty, a real estate company that specializes in the ownership and management of shopping centers throughout the U.S., acquired the asset from Newport Beach, California-based Terramar Retail Centers LLC, a company that owns, develops and operates shopping centers across the Western U.S. The deal was recorded on January 9th.
The acquisition includes seven parcels on the site of the Fairwood Shopping Center, which is located at 17230 140th Ave. SE in Renton. According to King County Public records, the seven parcels total 137,605 square feet; however, the property listing on Terramar Retail Center’s web site indicates that the shopping center totals 214,834 square feet.
The first 12-acre parcel contains an 80,865 square foot square foot retail building that is currently home to a Safeway. The second parcel is 2.3 acres and contains a 21,847 square foot retail store, while the third parcel contains a 4,282 square foot medical/dental office. The fourth parcel contains a 4,500 square foot building currently home to Bank of America, and the fifth parcel has a 16,414 square foot retail store. The final two parcels—which total 3,017 and 6,680 square feet respectively—contain a Chase Bank and two fast food restaurants. According to Google maps, other companies located in the shopping center include LA Fitness, Fairwood Ace Hardware and Mike’s Fairwood Auto.
The shopping complex is located roughly six miles to the southeast of downtown Renton and approximately eight miles to the north of Kent. Additionally, the shopping center sits about five miles from access to Washington State Route 167.
Originally founded in 1983, First Washington Realty is a privately-owned real estate investment, advisory and management company that focuses on neighborhood and community shopping centers throughout the U.S. The company currently owns 93 shopping centers with a value of over $4.5 billion located in 22 states and the District of Columbia containing approximately 12.6 million square feet with over 2,100 retail tenants, according to the company’s web site.
The company looks to invest in high-quality retail properties located in major metropolitan areas, with a particular focus on supermarket or drug store-anchored shopping centers. Some of First Washington Realty’s other properties in the Puget Sound region include the Aurora Marketplace in Edmonds; Eastgate Plaza in Bellevue; and Overtake Fashion Plaza in Redmond.
Terramar Retail Centers, founded in 1996, is a privately-held retail real estate operating company that focuses on best-in-class retail shopping centers that serve as a community’s primary shopping destination, according to the company’s web site. TRC offers a variety of services, including investment, development, construction, leasing and asset management.
The company’s portfolio contains retail properties in Seattle, Portland, the San Francisco East Bay, Silicon Valley, Los Angeles/Orange County, San Diego, Washington D.C. and Hawaii. The company’s four properties in Washington include Canyon Park Place and Lakeside at Canyon Park in Bothell, Covington Square in Covington, and Point Fosdick Square in Gig Harbor.