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Vestar, a shopping center owner and manager, recently purchased a six-property, 297K SF retail portfolio for $95M near Alderwood Mall in Lynnwood.
The seller was the original developer of Golde Creek Plaza, according to public records. The properties, developed between 1997 and 2002, include Golde Creek Plaza, Golde Creek Plaza II and Golde Creek Plaza III. The portfolio is anchored by Nordstrom Rack, Best Buy, Ulta, DSW Shoe Warehouse, Barnes & Noble and Old Navy.
The off-market acquisition brings Vestars’ Washington shopping center portfolio to 1M SF. It also owns The Landing in Renton and James Center in Tacoma. Nationwide, Vestar’s retail properties total 30M SF.
Newmark Knight Frank’s Paul Sleeth and Billy Sleeth represented Gold Creek Plaza in the transaction.
Despite the national trend of disappearing malls, Alderwood Mall is thriving, according to a report by King 5 News. The closing of Northgate Mall may be pushing shoppers north to Alderwood, but the mall has also adapted to changing consumer demands by adding restaurants and residential space. When Sears went out of business last year, the mall responded by adding 100K SF of retail and 350 apartments.
By 2024, light rail will connect Lynnwood to Seattle and the effects of that connection are already being seen, with apartment construction flooding the area around the future light rail terminals near the mall.
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