By Meghan Hall
Solana Beach, Calif.-based Gerrity Group has sold off the Wilderness Village Shopping Center in Maple Valley, Wash., outside of Seattle for $16.25 million, according to King County public documents that date to May 6, 2019. The 80,052 square foot center sold for roughly $203 per square foot and was purchased by a private owner associated with Wilderness Maple Valley, LLC, based in Bellevue.
Located at 22117 237th St., the center is anchored by key tenants such as Albertsons, Bartell Drugs, Bank of America and several other daily needs tenants. According to Gerrity Group’s website, the Wilderness Village Shopping Center is in a growing part of Maple Valley with strong demographics. The average household income for residences within five miles of the center is $135,493 per year, and the number the people within that same radius is expected to increase to more than 87,000 by 2024.
The center is also close to two major thoroughfares, State Route 18 and Maple Valley Black Diamond Rd. SE. The Maple Valley City Hall, Fitness 19, Sumo Sushi and DaVine Whiskey and Wine Bar are all also located nearby.
Gerrity Group is a fully and privately held company that owns and operates retail properties throughout the western United States. The company acquires, leases and manages neighborhood and community retail centers across California, Washington, Oregon, Nevada, Arizona and Colorado. Currently, Gerrity Group owns three other properties in Washington: Bethel Junction in Port Orchard, Redondo Square in Des Moines and Lake Stevens Marketplace in Lake Stevens. Maple Valley was the smallest property in Gerrity Group’s current portfolio, with the other three assets ranging in size from 97,000 square feet to 157,000 square feet.
According to Kidder Mathews’ First Quarter Seattle Retail report, landlords in the area are continually challenged by rising interest rates and tenant turnover. Ongoing pressure from e-commerce entities and increasing construction and financing costs remain concerns as the market throughout the region varies from stable to slightly soft. Investors, said Kidder Mathews, will likely continue to target retail properties close to core urban markets and strong demographics.