Over the past several months, San Francisco-based real estate company Merlone Geier has been selling off assets across the West Coast. Most recently, the company sold a 118,582 square foot shopping center in Federal Way. According to King County public records, the property was sold for $23.6 million – or about $199 per square foot – to a real estate fund affiliated with Archway Capital Partners.
The property, dubbed Sunset Square, is located at 1207 320th Street in Federal Way. According to a landing page for the property on Merlone Geier’s website, the property is anchored by a 55,000 square foot Safeway, with other tenants including Starbucks, Furniture World and Planet Fitness.
The shopping center is situated just 25 miles from downtown Seattle and just north of Tacoma. The area is a major retail corridor of Federal Way, with several nearby shopping centers, including Pavilions Center and SeaTac Village Shopping Center.
In recent months, Merlone Geier has been selling off West Coast retail assets, including several in the Pacific Northwest. In May, Merlone Geier sold Burien Town Plaza, a 140,000 square foot shopping center at 14901 Fourth Avenue SW. According to records filed with King County, Burien Town Plaza sold for $45 million, or about $321 per square foot.
Additionally, in April, the company sold off the Marysville Town Center for $25.3 million The property is located at 251 Marysville Mall and totals 217,853 square feet.