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11/25/24
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The Lightstone Group, out of New York, has purchased The Outlet Collection Seattle, a 919.4k sf retail asset in the Seattle area, for $82 mil ($89/sf). Located at 1101 Outlet Collection Way in Auburn, roughly 25 miles south of Seattle, the asset was sold by Washington Prime Group, out of Ohio.
The Outlet Collection Seattle is 98% occupied, featuring a diverse tenant mix of tenants that includes discount and outlet retailers, complemented by entertainment, food and beverage, and home décor users.The tenants include Best Buy, Nordstrom Rack, Nike, Dave & Busters, Burlington and other national chains.
The center was originally constructed in 1995 and was called Super Mall of the Great Northwest. In 2013, the property underwent a $35 mil renovation. The new owner plans to invest about $10 mil in capital improvements to the property.
CBRE's National Retail Partners led by Dino A. Christophilis, Richard Frolik, George Good and Daniel Tibeau, represented the seller in the deal.
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