Thank you for sharing!

Your article was successfully shared with the contacts you provided.

EVERETT, WA-The Everett Plaza Shopping Center has sold its 35-year-old, 80,000-sf facility at the corner of 52nd Street and Evergreen Way.

Stan Rosen, of the Bellevue, WA-based Rosen-Harbottle Commercial Real Estate that brokered the deal, says the sellers had owned the property for 35 years and its depreciation prompted them to exchange it for a larger property. In fact, the Everett Plaza Shopping Center Partnership bought a Tukwila shopping center earlier this month for $11.7 million. The 85,000-sf Parkway Square shopping center is anchored by Toys R’ Us, Magnolia Hi-Fi and Sterling Jewelers.

The Everett Plaza shopping center sits on six acres. It was built in 1967 and renovated in the late 1990s. Major tenants include Washington Mutual Home Loan Center and the state Department of Licensing. Krista Haverly of CB Richard Ellis handles the leases for the shopping center.

The Asia First Deal also marks the second big mall sale reported by GlobeSt.Com earlier this month. After holding the Everett Mall Plaza since its 1991 acquisition, 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 $19.15million.

Lou Senini of the Seattle office of CB Richard Ellis co-brokered the transaction with Don Fosseen and Steve Storrar — specialists in retail and office investment properties. As the exclusive agents for CAPROC (formerly known as Capozzoli Advisory for Pensions), Senini said the trio procured the buyer as well — Sherman Oaks, Calif.-based ACF Property Management.

The broker describes Everett as “a good retail market” where investor demand remains high. “There is strong demand here from the investor community,” says Senini, who adds, “Grocery anchored properties (like the Everett Mall Plaza) are a very desirable product type now.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.