By Jack Stubbs
On September 12th, the Covington Place Shopping Center sold for $25 million, or about $372 per square foot, King County records show.
The buyer was TD Commercial Investments LLC based in Colorado, and the seller was Renton, WA-based Ashton Capital Corporation.
The 67,144 square foot Covington Place Shopping Center was initially developed by Ashton Capital Corporation in 1999, just after Covington became a new city in 1996, according to a statement released by First Western Properties, who represented the seller in the transaction. Ashton Capital Corporation worked directly with the city to develop a first-class shopping center and a long-term home for the Covington’s City Hall.
The Petco-anchored shopping center includes quality tenants that range from local merchants to household names like Starbucks, Indigo MultiCare, and AT&T. The property was 93% occupied at the time of the sale and over 62% of the tenants were original from when the property was first developed, according to First Western Properties’ statement.
The Covington Place Shopping Center is roughly thirteen miles northeast of Federal Way and twelve miles south of Renton via State Route 515 North.
“It was a privilege to work with Ashton Capital on leasing Covington Place over the past decade and now to see it to completion with this disposition. This property was a legacy asset for their family, and we took great pride in representing them and finding a buyer that will operate this property with the same excellence of ownership as they did,” said Josh Parnell, Vice President & Principal of First Western Properties in the statement.
Covington has not seen too many properties change hands in recent months, though a number of projects continue to shape the city’s trajectory. In June 2017, the City of Covington approved a 214-acre Master-Planned Community called LakePointe Urban Village, which OakPointe Communities and Presidio Residential Capital are jointly developing.
The project, the value for which is expected to exceed $670 million, will ultimately include an 850,000 square foot entertainment and lifestyle center, a 130-key hotel and up to 1,500 single-family and multifamily residences. Groundbreaking on LakePointe Urban Village began in early 2018.