The development is on 4.54 acres at 240 Andover Park West, amidthe largest concentration of retail--some four million sf--in thePacific Northwest, says Sleeth. "The exceptional tenant mix in theSouthcenter area produces a retailing destination with a trade-areadraw that far exceeds that of most regional malls and typical powercenters."

The Bed Bath & Beyond retail center, built in 1967,currently produces net operating income of over $1.2 million withits three tenants: Bed Bath & Beyond with 45,476 sf, GuitarCenter with 18,066 sf, and Oak Mill Furniture with 20,014 sf.BB&B and Guitar Center's leases run through December 2010, andOak Mill Furniture's lease is not scheduled to terminate untilJanuary 2008. Although the price per sf was not made public,Colliers says that the three leases contain escalation clauses.

BB&B is a nationwide chain of 272 superstores with 1999sales of $1.78 billion, and a market capitalization of $6.02billion. Guitar Center operates 66 stores in 33 major US markets,with a 1999 market capitalization of $330.8 million and sales of$620 million. Oak Mill operates 12 stores in Washington, Nevada andCalifornia, which specialize in medium to high-end homefurnishings.