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6/29/22
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Tri-Western Syndicated Investments paid $32.7 mil for Alderwood Towne Center, a 105.4k sf ($310/sf) retail center in Lynnwood, WA. Tri-Western is a Bellevue-based private holding company controlled by the Radford family.
Located at 3105-3225 Alderwood Mall Blvd, adjacent to Interstate 5, Alderwood Towne Center is home to 20 businesses, including anchor tenants Marshalls and Michaels. Marshalls is an original tenant dating back to the property’s construction in 1986. The Michaels store is one of the most highly trafficked in the Puget Sound region. Other tenants include Almost Golf, Mattress Depot, Pure Hockey, and Precor Fitness, among others.
The Radford family plans significant capital improvements to the property post-acquisition to elevate the center to the best-in-class offering for the trade area.
Lynnwood is a city in transition as it prepares to welcome light rail in 2024. The city is working to accommodate growing demand for housing and has increased zoning heights to incentivize high-density development.
Alderwood Towne Center is zoned for buildings up to 120 ft. The city is also improving infrastructure, including the addition of a new I-5 bridge connecting 196th St and 33rd Ave – located adjacent to Alderwood Towne Center.
The Lynnwood Link Light Rail Station is under construction 0.8 miles southwest of the retail center. The station is scheduled to open in 2024 and is anticipated to have around 50,000 daily riders by 2026.
Dino Christophilis and Daniel Tibeau with CBRE’s National Retail Partners group represented the seller, Alderwood Shopping Center 04 E LLC, a private investor.
The buyer purchased the property as part of a 1031 exchange. Jack Standeford with CBRE’s Debt & Structured Finance group arranged the acquisition financing.
"The introduction of light rail is reshaping the 196th Street corridor, and this property is positioned at the heart of this transformation. While the purchaser will enjoy the stability of the existing long-term leases, the opportunity for redevelopment to higher densities is compelling once the leases begin to expire in the 2030s,” said Christophilis.
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