Westwood Village

SEATTLE-Investment management firm Bentall Kennedy has named Madison Marquette Retail Services to provide management for Westwood Village, a 407,000-square-foot grocery-anchored center in West Seattle that the Toronto-based company recently bought. Robert Pittman, VP of management service for Washington, DC-based Madison Marquette’s Northwest region, describes the retail center as “a very well located property with a strong tenant line-up.” He says that Madison Marquette’s mission will be “to improve the asset’s operating performance, enhance the property’s physical attributes, improve the customer experience and to work with ownership to drive value through several key new initiatives.”

Westwood Village, at 2600 SW Barton St., is anchored by tenants including Barnes and Noble, Bed Bath & Beyond, Pier 1 Imports, Marshals, Target Staples, QFC (Kroger), Rite-Aid and three Starbucks locations, according to the property’s web site. Bentall Kennedy bought the shopping center from Wesbild Holdings for $78.1 million in a deal that closed in March, according to sales records.

Another View

Wesbild, in a news release concerning the sale, noted that it acquired Westwood in 1990 and subsequently redeveloped into a lifestyle center. According to the news release, Bentall Kennedy acquired Westwood Village on behalf of Multi-Employer Property Trust. Jim Howard of Bentall Kennedy described the center as “a class A retail property that combines stable income from popular anchor tenants with an opportunity to increase cash flow as the economy improves.”

In addition to Westwood Village, Madison Marquette’s management services portfolio in Seattle also includes Lake Forest Park Towne Centre in nearby Lake Forest Park, Broadway Market in the Capitol Hill area, Issaquah Commons and Lynnwood Center in Lynnwood.