By Meghan Hall
San Diego, Calif.-based Merlone Geier has sold off another one of its Puget Sound retail assets. In a deal that closed April 5th, but just recently recorded, the commercial real estate firm sold the Marysville Town Center for $25.3 million. The buyer of the property was an entity affiliated with Los Angeles-based Portal Investment Management.
The property is located at 251 Marysville Mall. According to Merlone Geier’s website, the asset includes 217,853 gross leasable area and sits on 15.40 acres. The center is anchored by a number of big-name brands, including Albertsons, JCPenney, Rite Aid, Staples, Petco and Biglots. Merlone Geier also states on its website that there is a “prime anchor space” currently available for lease.
The shopping center is located just off of Interstate 5 and is north of the growing suburban town of Everett, Wash. Because of its location, the property gets good exposure to commuting traffic; Merlone Geier estimates that 4th Street sees more than 25,000 vehicles per day, while State Ave. sees more than 15,000. Nearly 115,000 people live within a five mile radius of the property. The average household income within the same radius is about $95,848 per year.
In recent years, Merlone Geier has also sold off other Puget Sound assets. In January of 2021, Merlone Geier struck a deal with Apollo Global Management to sell a Haggen Food and Pharmacy in Stanwood, Wash., for $15,488,429. Just a month later, in February, the firm sold Shoreline Marketplace for $22.6 million. In April of last year, the company also sold Tacoma Marketplace for $14 million.
Merlone Geier describes itself as a “vertically integrated and regionally focused” company. Founded in 1993, the firm has focused mainly on west coast markets, and over the years it has acquired 173 properties and more than 28.5 million square feet of space. The firm has also raised more than $4.3 billion of discretionary institutional capital during its lifetime, and commenced investment with its twelfth fund, Merlone Geier Partners XII LP, in February 2017. The fund has about $1.14 billion to invest.