Merlone Geier has stayed busy in 2022, trading retail properties in the Pacific Northwest. One recent deal recorded by King County on Aug. 15 showed another one of Merlone Geier’s shopping center assets traded for $53.1 million, or about $236 per square foo. The transaction appears to have been traded in an equity deal as both buyer and sellers are entities affiliated with the San Francisco-based company.
The property – also known as Town Center at Lake Forest Park – is located at 17171 Bothell Way NE in Lake Forest Park. Totaling 224,666 square feet, the grocery-anchored shopping center is home to a number of tenants, such as Albertsons, Rite Aid, Ross, Ace Hardware and Planet Fitness.
The Lake Forest Park shopping center is located just eight miles north of Seattle and within close proximity to other major population hubs, including Redmond, Bellevue and Everett. The shopping center is also within close proximity to State Routes 522 and 104.
Merlone Geier has had a busy year so far, trading multiple retail centers within the immediate area. In August, the company sold its 118,582 square foot Sunset Square shopping center in Federal Way for $23.6 million, or about $199 per square foot. The property, which is located at 1207 320th Street, was sold to a real estate fund affiliated with Archway Capital Partners, according to previous reporting from The Registry.
Prior to that in May, Merlone Geier also sold Burien Town Plaza for $45 million, or roughly $321 per square foot. The 140,020 square foot Burien shopping center is located at 14901 Fourth Avenue SW and was sold to an entity affiliated with David Kao, a local investor and real estate agent at Skyline Properties.
Founded in 1993, Merlone Geier has been investing in West Coast shopping centers for nearly 30 years. To date, the San Francisco-based company’s portfolio consists of 173 retail properties reaching more than 28.5 million square feet.