By Jack Stubbs
Florida-based Regency Centers, a national owner, operator and developer of shopping centers, recently made moves to expand its Puget Sound region portfolio. On June 19th, the company acquired a property within Redmond’s Overlake Fashion Plaza—which includes three retail/commercial buildings totaling just over 307,000 square feet, according to public documents—for $8.6 million, King County records show. The seller of the property was Seritage Growth Properties, a REIT based in New York.
The transaction was recorded on June 25th.
According to public documents, the recent transaction included three commercial/retail buildings—located at 2200 148th Ave. NE and sitting on just under 15 acres—that total roughly 307,000 square feet and are located within the Overlake Fashion Plaza.
According to the property listing on Seritage Growth Properties’ web site, however, the Overlake Fashion Plaza totals 267,407 square feet. Some of the current tenants at Overlake Fashion Plaza include Sears, BevMo, and Marshalls, according to the buyer’s web site. Within a three-mile radius, the average population is 110,799 and the average household income is $131,795.
Sitting between the Crossroads neighborhood of Bellevue and the Overlake neighborhood in Redmond, Overlake Fashion Plaza is roughly four miles south of Redmond and five miles east of downtown Bellevue, also offering easy access to State Route 520.The shopping complex is also just over one mile south of Microsoft’s Redmond headquarters at One Microsoft Way.
Regency Centers owns a number of retail properties throughout the Puget Sound region, some of which include the 147,818 square foot Roosevelt Square property in Seattle; the 78,657 square foot Eastgate Plaza in Bellevue; and the Grand Ridge Plaza property in Issaquah, a property that totals just over 330,000 square feet.
In early February 2019, the company acquired a 21,000 square foot retail property—located within Melrose Market in downtown Seattle—for $15.5 million from Melrose Project LLC based in Seattle. Further north in the city’s Ballard neighborhood, Regency Centers’ portfolio also includes Ballard Blocks located at 1416 NW Ballard Way, a 131,954 square foot project.