By Kate Snyder
A retail asset in Lake Stevens could soon see a new owner after it was recently placed on the market. Lake Stevens Marketplace, one of three grocery-anchored centers in the trade area, has been listed for sale with an asking price of $23.2 million, or about $215 per square foot, according to a marketing flier from Newmark, which has the listing. Newmark’s Paul Sleeth and Billy Sleeth are the brokers for the property.
Located at 303 91st Ave. NE, the asset totals 107,605 square feet and is positioned on 15.5 acres of land. The property is 94 percent occupied, according to the flier, with Rite Aid, Ace Hardware and Dollar Tree as anchor tenants. All three recently moved forward with lease extensions. Dollar Tree executed a new five-year lease extension commencing in 2023. Both Ace Hardware and Rite Aid signed 10-year lease extensions in 2021 and 2019, respectively. The anchor rents are below market with Rite Aid at $9.71 per square foot, Ace Hardware at $15.76 per square foot and Dollar Tree at $10.53 per square foot. All three of the anchor tenants have operated at the Center for more than 20 years. Other tenants include Domino’s, Subway, Sherwin-Williams, Hair Masters, Taco Bell, AutoZone and Jiffy Lube.
The current owner is an entity affiliated with Gerrity, a vertically-integrated real estate owner and operator based in Solana Beach, Calif., according to Snohomish County property records. Since 1996, Gerrity has specialized in owning and managing grocery store-anchored centers in suburban and infill locations across the western United States. The firm purchased the Lake Stevens Marketplace in 2016 for $17.5 million, or about $162 per square foot.
Retail properties in the Puget Sound area have been the subject of sales transactions in recent months.
Earlier this month, a retail asset in Everett traded hands for $12.9 million, or approximately $434 per square foot, according to The Registry’s previous reporting. The buyer was an entity affiliated with Edward O’Sullivan, chairman of Pacific Centers, Inc., and the seller was an entity affiliated with Western Williams, who is a partner at Western Property Management. Located at 5006 132nd St. SE, the property comprises four buildings at 16,746, 3,372, 3,516 and 6,045 square feet.