In recent months, Merlone Geier has been involved in a significant number of transactions. This week, the company traded two Shoreline retail assets in deals that both involved San Diego-based Retail Opportunity Investment Corporation (ROIC).
One deal will help bring Merlone Geier a step closer to completing its planned Shoreline Place development. According to public records filed with King County, Merlone Geier purchased a portion of the project site for $27.5 million from ROIC.
The site is located at 15505 Westminster Way and is home to a Central Market Grocery Store. The site is part of the 186,000 square foot Aurora Square, a shopping center that Merlone Geier plans to turn into the mixed-use Shoreline Place development.
The project, which was approved in 2019 is likely to take over a decade to develop and include the construction of nearly 1,500 multifamily residences and more than 56,000 square feet of new shops and restaurants. According to a brochure for the project on Merlone Geier’s website, the Central Market along with an already existing Marshall’s would remain. A Sear’s building on site, however, would be redeveloped. In total, the development area covers 17 acres.
In a separate transaction, ROIC acquired a nearby retail asset from Merlone Geier. Public records show that the company paid $29.2 million, or about $258 per square foot.
The property, also called Ballinger Village, is a 113,189 square foot shopping center located at 20120 Ballinger Way NE. The 7.8-acre shopping center is home to a number of tenants including Thriftway, RIte Aid and Emerald City Athletics. CPX worked with the seller on this transaction and the team that represented Melone Geier included Sean Tufts and Kevin Adatto.
Merlone Geier has been busy in the Puget Sound region over the past year, buying and selling retail assets. For instance, on Aug. 15, the company traded the Town Center at Lake Forest Park in an equity deal valued at $53.1 million, or about $236 per square foot. The property is located at 17171 Bothell Way NE in Lake Forest Park and totals 224,666 square feet.
Earlier in August, the company also sold a 118,582 square foot shopping center in Federal Way. According to King County public records, the property was sold for $23.6 million – or about $199 per square foot – to a real estate fund affiliated with Archway Capital Partners. The property, also known as Sunset Square, is located at 1207 320th Street in Federal Way.