SEATTLE – Dec. 29, 2022 – CBRE announced the sale of Greentree Plaza, an 83,035-sq.-ft. shopping center in Everett, Washington. Transnational Management acquired the property for $23.7 million.
Dino Christophilis and Daniel Tibeau with CBRE’s National Retail Partners represented the seller, ACF Property Management.
Located at 305-505 SE Everett Mall Way, the property encompasses big box, inline and pad space, all constructed between 1988 and 2004. The buildings flank and share a parking lot with a Target store, which was not included in the sale.
Greentree Plaza was 96% leased at the time of sale to 18 tenants, including several national brands. Chipotle and Starbucks occupy the pad building. The big box tenant is Sportsman’s Warehouse, which has only three other locations in the Puget Sound region. Inline tenants include Jamba Juice, Visionworks, Bank of America, Subway and Supercuts, among others.
“Tenant demand at Greentree Plaza is strong. The seller cultivated an outstanding tenant roster with several national brands, and multiple additional tenants were even signed during the escrow process,” said Dino Christophilis, senior vice president at CBRE. “While rising interest rates are making it more expensive to borrow, we were able to get creative between both parties to execute the sale.”
The property is located along Everett’s busiest commercial arterial by traffic counts—Everett Mall Way, seeing around 36,000 cars per day. The location is two blocks west of the Everett Mall.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction, and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
