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5/18/15
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A joint venture partnership between CenterCal and PCCP LLC has acquired Totem Lake Mall, a 291k sf retail center in Kirkland, WA. The new ownership, Village at Totem Lake LLC, plans to redevelop the 40-year old property into a modern, mixed-use center with a village feel, a grocery anchor and a theater, providing the neighborhood with retail, residential, entertainment and office uses.
The center is located at 12620 120th Ave NE, on the east side of I-405 off NE 124th St. Anchors include Ross, Trader Joe’s, 24 Hour Fitness and My Home Furniture, with Ross and Trader Joe’s currently committed to the renovated center. Construction, estimated to exceed $200 mil, is expected to get underway in 12 months and will expand the property to more than 650k sf of total space.
“The existing Totem Lake Mall represents an outdated shopping experience,” said Jean Paul Wardy, President of CenterCal Properties. “Our newly reimagined project will include many new experiences, including a state-of-the-art theatre, a village commons, restaurants, retail, residential and other modern features, while retaining several of the legacy tenants within the project.”
The property was sold by Totem NVO LLC, a Delaware LLC.
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