January 7, 2020
Vestar purchased a six-property, 297,599-square-foot retail portfolio in Lynnwood, WA from the original developer for $95 million in an off-market transaction. Vestar now owns and manages more than one million square feet of retail assets in Washington.
Vestar’s Clint Marchuk says, “This was a unique and nuanced acquisition for Vestar in that each of the six properties had their own set of factors to consider. In the end, we are excited to own this portfolio and continue our growth in the Northwest.”
Developed between 1997 and 2002, the properties include Alderwood Parkway Place, Alderwood Parkway Plaza, Alderwood Parkway Plaza II, Golde Creek Plaza, Golde Creek Plaza II and Golde Creek Plaza III. The 100%-leased portfolio is located near Alderwood Mall and anchored by several national brands including Best Buy, Ulta, Nordstrom Rack, DSW Shoe Warehouse, Barnes & Noble and Old Navy.
NKF’s Paul Sleeth and Billy Sleeth represented the unnamed seller.
Connect Retail West is coming to Newport Coast, CA on Feb. 13. For more information, or to register, click here.
For comments, questions or concerns, please contact Dennis Kaiser