By Meghan Hall
Bellevue-based PMF Investments has added itself to the growing list of investors making their way to Bothell. In a deal that was finalized on November 22nd, the firm acquired a retail center for about $25.75 million. Public records indicate that the seller was Mercer Island, Wash.-based MBA Bothell Building LLC, affiliated with Terry and Milton Anderson.
The asset is located at 18404 120th Ave. NE. King County documents indicate that the asset, known as North Creek Plaza, was originally constructed in 2002 and totals 8,310 square feet. The building also sits on about 1.1 acres and is home to Siam Kitchen, Greek Pita, Taco Del Mar and Starbucks.
Currently, the City of Bothell has no plans on file for redevelopment of the site. The property’s new owner, PMF, specifically develops and manages shopping centers and mixed-use retail centers throughout the Pacific Northwest. Its portfolio includes Puyallup’s Pioneer Crossing, an 86,000 square foot center that was 100 percent leased prior to opening this past spring, the Edmonds Shopping Center, Bellevue Towers, and Big Rock Shopping Center, among others.
Moving to the end of the year, retailers remain open and businesses are continuing to ramp up their activities prior to the holidays. Vacancy has declined 25 basis points to 2.72 percent, remaining low as smaller tenants were boosted by government assistance programs. Rent growth has also maintained, with rates increasing by 3.7 percent year-over-year. Rents are predicted to rise a further 3.8 percent to 4.2 percent over the course of the next several quarters before moderating once again.
While consumer spending is up, challenges within retail do remain, according to a recent report by Kidder Mathews. Staffing and supply chain issues remain hurdles for many retailers, and could slow the market down if not resolved soon. Urban core daytime employment levels also are a large question mark for retailers; activity in urban centers is likely to remain muted until there is a larger, more widespread, return to the office.