Two-building Retail Complex is First U.S. Acquisition by Canadian Investor
EVERETT, WA – In a transaction that marks the entry of a Canadian investment firm into the United States’ investment market, a two-building retail complex known as Everett Mall Way Plaza recently changed hands. JKL Real Estate Investment L.P. acquired the 30,000-square-foot center, located at 500 SE Everett Mall Way in Everett, WA, from Robinson Properties & Investments LLC for $6.2 million.
Colliers International’s Xinxin Li and DBW Private Brokerage’s Godwin Moy partnered to represent the buyer in the transaction.
Everett Mall Way Plaza is situated at a prime location along a major retail corridor in South Everett. Target, Starbucks and Trader Joe’s are directly across the street, and the property is just blocks from Walmart, Everett Mall and numerous other big-box shopping options. Interstate 5 is easily accessible. Everett Mall Way Plaza boasts close to 30 retail and office spaces across two buildings, with long-time local retailers on the street level and various professional and administrative services on the upper floor.
Ms. Li noted, "Besides the high going-in CAP rate, Everett Mall Way Plaza represented a significant investment opportunity due to the upside for even higher returns in both the existing space and future expansion area. The City of Everett has acknowledged plans for a third building in the southeast portion of the property."
Mr. Moy added, “Everett is already an expanding market and the initiation of commercial flights at Paine Field in 2019 will bring even more business activities to the area. This potential, combined with the opportunity to benefit from the growing local economy and increasing buying power of the region’s diverse population, were key reasons the buyer chose Everett over other investment markets across the country. The buyer is excited to become part of the Everett business community.”
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