Over the past several months, retail assets have made up a sizable portion of investment activity in the Puget Sound. In one of the most recent deals, the Alderwood Towne Center in Lynnwood sold for $32.7 million, or about – per square foot. According to records filed with Snohomish County, the 106,442 square-foot retail center was sold by ACF Property Management to a limited liability company linked to Bellevue-based Radford & Co.
The property is located at 3105 Alderwood Mall Boulevard, and home to a number of nationwide retailers, including Marshalls, Michaels, AT&T, Precor Home Fitness, Xfinity and more.
Located adjacent to the Alderwood Mall and near the ramp to Interstate 5, the property sees a daily traffic count of more than 195,000 vehicles. The asset is joined by a number of other retailers as well, including Nordstrom, Zumiez, Fred Meyer, Macy’s and JCPenney.
The buyer of the property Radford & Co. has been busy lately, recently selling its Bellevue headquarters office and attached retail to SRM Development, which plans to develop a multifamily property onsite. The property, located at 10423 Main Street, will add to several parcels owned by the company and be used to develop nearly 300 residential units.
In general, the Puget Sound has seen several retail deals close over the past few months. In April, Merlone Geier sold the Marysville Town Center – at 251 Marysville Mall in Everett – for $25.3 million. The property was sold to Los Angeles-based Portal Investment Management. Earlier the same month, EDENS purchased two retail centers in the Puget Sound for a combined $103.8 million. The Lakeland Town Center at 1404 – 1416 Lake Tapps Parkway SE in Auburn, Wash., was purchased by the company fors about $65.8 million. The second property, located at 2719–2729 N. Pearl Street in Tacoma, sold for $38 million.