(EDITOR’S NOTE: According to public documents, the buyer was San Francisco-based Merlone Geier Partners, a real estate investment firm that focuses exclusively on the acquisition, development and redevelopment of retail driven, mixed-use properties along the West Coast.)
(Seattle, WA) – Capital Pacific is pleased to announce the sale of Overlake East Center in Redmond, WA for $41,000,000. Located within two blocks of the incoming Overlake Village light rail station, this unique property presented the opportunity for an investor to take advantage of the increased density occurring throughout the Puget Sound. This center represents the continued trend of underutilized shopping centers in the path of growth that offer a higher and better future use as a mixed-use development.
On behalf of a private regional family, Overlake East Center was marketed to a select group of qualified investors throughout the nation. Represented by Sean Tufts, Kevin Adatto, and Michael Horwitz, the team at Capital Pacific was able to find a balance between the existing income and future land value as leases expire over time and a development becomes feasible and more likely.
“We are eager to see how this dynamic site evolves in the coming years and excited to have assisted both Seller and Buyer in this sale,” says Sean Tufts, Partner at Capital Pacific.
In addition to Overlake East Center, Capital Pacific recently represented Verus Partners in the sale of Rainier View Marketplace in Puyallup, WA for $17,300,000.
Anchored by a high performing Ross Dress for Less and Ulta Beauty, the 70,280 square foot shopping center was 97% occupied at the time it was acquired by a private Northwest Investor.
“The continued trend towards the eastside, along with the overall impact of the light rail, creates an opportunity to unlock value by leveraging new construction and re-positioning in the area,” says Kevin Adatto, Partner at Capital Pacific.
Capital Pacific is one of the leading commercial real estate investment sales and advisory firms in the nation with offices in Seattle, Portland, and San Francisco. Companywide, Capital Pacific’s 21 brokers have closed 140 transactions totaling $583M, in 2019 so far.