(For more retail coverage, click GlobeSt.com/RETAIL and to read more on themultifamily market, click here.)
LAKE FOREST PARK, WA-Madison Marquette has acquired the LakeForest Park Towne Center here with plans to open up the enclosedmall on the property and add a residential component. TheWashington, DC-based investor's managing director of investmentsDavid Brainard tells GlobeSt.com it paid $27 million for the250,000-sf retail center with plans to spend that much more toremerchandising and rehabilitating the existing retail and addsomewhere around 250 residential units.
Madison Marquette is building a "pipeline of projects that takeoutdated regional malls and retail centers and transforms them intodesirable destinations," Brainard says. "Lake Forest Park is aperfect example of a community that has outgrown its existingretail offerings."
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