Barclay's Buys Wesbild's Spokane Mall for $44 Mil

SPOKANE, WA-Barclay’s is the new owner of the Northpointe Plaza Shopping Center here at the intersection of State Route 2 and East Hawthorne Road. The world’s largest institutional investment firm paid $44 million for the 350,000-sf mall anchored by a Safeway grocery store. The seller was Northpointe Plaza One Inc., a subsidiary of Seattle-based Wesbild Inc., which purchased the center shortly after First Western Development constructed it in 1993. Paul Sleeth of Colliers International/Seattle represented the seller with Terry Moss of Kirkland-based Commercial Real Estate.

Moss tells GlobeSt.com that Barclay’s buys shopping center properties every year or two for its private investors. Wesbild has recently liquidated several shopping center properties in the US and Canada, according to sources. Tom Sroufe, senior VP of Wesbild, would not confirm or deny the sales, but did tell GlobeSt.com that the company’s Silverdale Plaza property is up for sale and is listed with CB Richard Ellis/Seattle. Wesbild also owns Westwood Village in West Seattle, rehabbed this year at a cost of $10 million, and the Lake Stevens Market Place in Lake Stevens, WA.