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New Retail Center Sales March 29, 2011

Posted by Sean Tufts in Articles, Retail Sales Comps, Sale.
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Major news as a couple of large retail centers trade hands in the Puget Sound over the last two weeks. Wesbild has closed on a sale of Burien Town Plaza to Merlone Geier Partners of California for $14.4MM. At the same time, Wesbild is selling Westwood Village in West Seattle to Bentall Kennedy for $78.1MM.

The Westwood sale represents the largest single property retail center sale in the Puget Sound since the nearly $100MM sale of Factoria Mall in 2004. Burien Town Plaza is Merlone’s third purchase in the last four months after acquiring Marysville Town Center and Sunset Square.

Westwood Village – Site Plan

Burien Town Plaza – Site Plan

Another center that has just closed is Promenade 23 in Seattle’s central district. Publicly traded REIT, Weingarten Realty, purchased the 97,000 sf center for $18.4MM last week from a group of local private owners and a non-profit. At $190/sf the center has a future development potential that could include mixed-use multi-family over retail.

The DJC subscription article is here.

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