December 4, 2019
Covington Esplanade, a 187,388-square-foot, daily needs-focused neighborhood shopping center in the suburban Seattle community of Covington, WA, has reportedly traded hands for more than $37.3 million. Weingarten Realty Investors purchased the asset, situated equidistant between Seattle and Tacoma downtowns.
Anchored by Home Depot, the 97.7%-leased center is also home to Red Robin, NorthWest Family Dental Care IHOP, Bank of America, Verizon, and Starbucks, to name a few. The property on 15.34 acres at 27027 SE 185th Ave. was completed in 2008 and comprises seven separate parcels with uniform facades.
JLL’s Nick Kassab and Bryan Ley marketed the property off Highway 18 on behalf of the seller, an entity affiliated with Clarion Partners. Kassab notes, “Opportunities to acquire large, top-performing retail assets in the Seattle MSA are rare.”
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