Merlone Geier Partners is letting go of a shopping center in Burien, Wash., making more than triple what the property was initially purchased for in 2011. According to records filed with King County, Burien Town Plaza sold for $45 million, or about $321 per square foot. The shopping center was acquired by an entity affiliated with David Kao, a local investor and real estate agent at Skyline Properties.
Built in 1965, the property is located at 14901 Fourth Avenue SW. Built and totals 140,020 square feet. A previous listing for the property shows that it is situated on approximately 8.84 acres of land and is currently anchored by a diverse tenant roster, including LA Fitness, Bartell Drugs, PetSmart, Ace Hardware and Big Lots.
The plaza is located directly south of downtown Seattle along State Road 509. The property is among several retail assets in the immediate area, with neighboring shopping options including Safeway, RiteAid, Burien Toyota and many others.
The property was purchased in 2011 by Merlone Geier for just $14.4 million, or roughly $102 per square foot.
Over the years, the San Francisco-based investment and development firm has purchased a number of retail centers throughout the Pacific Northwest. Current properties include Sunset Square, a 118,582 square-foot shopping center in Federal Way; Aurora Shopping Center, a 127,841 square-foot retail asset in Seattle; Alderwood Plaza, a 175,387 square-foot shopping center in Lynnwood; and many others.
Merlone Geier Partners, which is primarily focused on the acquisition and disposition of neighborhood shopping centers, has invested in properties across the West Coast since its founding in 1993. To date, the company has purchased 173 properties totaling 28.5 million square feet.