The buyer, a Redmond, Wash.-based private partnership, was not disclosed. But Andy Miller of the Bellevue office of Insignia Kidder Mathews says it owns several other retail, commercial and industrial properties in the Puget Sound area.
The 60,000-sf center, which stands at 176th Street SW and Highway 99 S, is anchored by QFC. Other tenants include Blockbuster Video and McDonald's. It was 84% leased at the time of sale. Miller puts the capitalization rate at about 9%.
The retail transaction is one of several similar sales to occur in Snohomish County in recent months. In early June, the 80,000-sf Everett Plaza Shopping Center traded hands for $7.95 million. In May, the Michigan-based CAPROC Inc. decided it was time to part with the Everett Plaza Mall. The 123,439-sf strip mall, shadow-anchored by a grocery, reeled in $19.15 million.
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