Land for Sale Near Shopping Mall

EVERETT, WA-An unnamed investment group based in Lynnwood is selling 1.14 acres of land located on Everett Way across the street from the troubled Everett Mall, which is currently being operated by a court-appointed receiver after property owners default on a loan topping $55 million.

Darrell Okada, senior associate for Bellevue-based Puget Sound Properties Commercial Real Estate Services, which is marketing the site for $559,500, says the fact that the Everett Mall has been put in receivership by the court and may soon have a new owner is actually good news that could increase the value of the property he is marketing.

“What you might find with a new ownership is a different perspective on how to operate that mall. They might decide to spruce it up a little bit and bring in different stores. Right now, it is run down and has no particular appeal.”

Though the 1.14 acres up for sale is zoned for office, industrial or retail, Okada believes that office space makes the most sense for the land because of the skyrocketing demand for office space. No agreements have yet been reached for the property, but Okada says a couple of developers have expressed interest in the land with the intent of developing office space.