Home Commercial La Plaza Midway Shopping Center in Kent, WA, Trades for $19.2MM

La Plaza Midway Shopping Center in Kent, WA, Trades for $19.2MM

Image courtesy of Colliers International

By Jack Stubbs

There have been several transactions in the King County city of Kent—roughly twenty miles south of Seattle—over the last several weeks.

And On Thursday, November 15th, the La Plaza Midway Shopping Center in Kent sold for $19.2 million, or approximately $253 per square foot, King County records show. The buyer was Lakeside Tri-Cities LLC, an entity affiliated with Esther Lynn Dobrin based in Tiburon, California. The seller—who acquired the asset for $19.2 million in May 2016 from Tourmaline Capital, according to public documents—was Da Li Properties LLC, an entity associated with Richard Lee based in Seattle.

The transaction was for several parcels located at 23201, 23261, 23311, 23313 and 23319 Pacific Hwy. S., according to public documents. The shopping center, which totals 75,830 square feet, is adjacent to Washington State Route 509 and State Route 99. According to a property flyer written by Colliers International, there are approximately 4,200 square feet of space available across two suites in the shopping center.

The asset, which is one of the most visible and accessible shopping centers within the Des Moines/Kent area, features several national brand co-tenants including Starbucks, Sally Beauty, Burger King, Subway and Sprint. The shopping center is also located in close proximity to the future Highline College Light Rail Station in Kent, which is a 7.8-mile addition to the Link Light Rail that is scheduled for completion in 2024 that will allow riders to get from Kent/Des Moines to downtown Seattle in roughly 45 minutes, according to Sound Transit’s web site.

According to the property flyer written by Colliers—who did not respond to emails for comment about the recent sale of the shopping center—La Plaza Midway benefits from having the dominant location in the trade area, strong traffic counts, excellent curb appeal and a solid tenant line-up. The average population within a one-mile radius of the shopping center is 14,860 (which an average household income of $67,419) and 197,265 within a five-mile radius (with an average household income of $73,732.

The shopping plaza is also less than half a mile from Highline College and approximately six miles south of Sea-Tac Airport via Interstate-5.

Along with the recent sale of the La Plaza Shopping Center, there have been several transactions involving industrial properties in Kent over the last few weeks. In early October, Singapore-based Mapletree Investments Ltd. spent $185.3 million to acquire five industrial properties in Kent—located at 20009 85th Ave. S. and 20213 89th Ave. S. and totaling just over one million square feet square feet—from San Francisco-based developed Prologis Inc.

On October 22nd, Los Angeles-based Clarion Partners purchased the West Valley Distribution Center in Kent, a Class B property located at 7043-7063 S 190th St., for $11.9 million from Saberhagen-Matson LLC.  And Terreno Realty Corporation, an owner and operator of industrial real estate in six major coastal U.S. markets, in late October acquired a 12.7-acre property located at 8615 South 192nd Street for $12.4 million. A new rear-load industrial distribution building is under development on the site and will contain approximately 220,000 square feet when completed prior to year-end 2019.