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July 9, 2020
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Vestar Pays $95 Mil for 297k sf Retail Portfolio


Vestar has purchased a six-property, 297.6k sf retail portfolio in Lynnwood, WA for $95 mil in an off-market transaction from the original developer.

Developed between 1997 and 2002, the six properties (Alderwood Parkway Place, Alderwood Parkway Plaza, Alderwood Parkway Plaza II, Golde Creek Plaza, Golde Creek Plaza II and Golde Creek Plaza III) are located at the Northeast and Northwest corners of Alderwood Mall Pkwy and 196th Street SW in close proximity to Alderwood Mall, a high performing shopping center in one of Seattle’s most desirable retail corridors. The portfolio is 100% leased and anchored by several national brands including Best Buy, Ulta, Nordstrom Rack, DSW Shoe Warehouse, Barnes & Noble and Old Navy.

With this acquisition, Vestar expands its footprint in the state of Washington, owning and managing over 1 msf of retail property including The Landing in Renton and James Center in Tacoma.

Paul Sleeth and Billy Sleeth of Newmark Knight Frank represented the seller in the transaction.

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