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MUKILTEO, WA-Harbour Point Shopping Center has changed hands for $27.3 million. San Francisco-based Rreef sold the 110,600-sf grocery- and drug-anchored center to SC Harbour Pointe Inc., an advisory client of BlackRock Realty Advisors.

Harbour Pointe Shopping Center is located at the intersection of Harbour Pointe Boulevard and Mukilteo Speedway, one of the primary throughways to the Mukilteo ferry terminal. The center is 100% leased.

The anchor tenants are Kroger subsidiary QFC and RiteAid. Other tenants include Key Bank, Washington Mutual, Hallmark, RadioShack, Quiznos and Jack in the Box. The shopping center includes an undeveloped 10,000-sf out parcel that can hold a 2,850-sf building.

The property, built in 1992, sold for $27.3 million. Reynolds Haas and Paul Sleeth, senior vice presidents of Colliers International, represented the seller, Harbour Pointe Center, Inc. and sourced the buyer. In March 2005, Haas and Sleeth brokered a deal in which BlackRock acquired the 165,000-sf Lynnwood Center shopping complex in Snohomish County for $29.6 million.

Rreef is a real estate investment advisor that purchases, administers, and sells real estate portfolios for its clients. BlackRock Realty, which does much the same thing, is an entity of publicly traded BlackRock Inc., the asset management arm of PNC Bank.

Instant Insights /

Rreef Sells Shopping Center for $27M-Plus

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