AEW Buys Renton Shopping Center from Pearlmark Harvest Lakeshore in Blockbuster Deal
- Jan 07, 2014
In a massive retail transaction, a unit of Boston-based investment fund AEW Global purchased a large Renton property Developer Pearlmark Harvest Lakeshore sold The Landing shopping center for approximately $165.4 million. JSH Properties will continue to manage the property.
Developed in 2008, the shopping center is located on a sprawling 21-acre site and offers customers a host of shopping, dining and entertainment options. Tenants at the facility include Staples, PetSmart, Target, Panda Express, Five Guys Burgers and Fries, Red Robin and Regal Cinemas. One of the anchor tenants for the property is Dick’s Sporting Goods. According to the Puget Sound Business Journal, the occupancy rate at The Landing currently stands at slightly above 90 percent.
Metro Seattle has seen its average vacancy rate for retail dip well below the national average, data from Marcus and Millichap Real Estate Investment Services shows. A strong market combined with a steady completion pace saw vacancy rates stabilize by the end of the third quarter at the 6 percent mark. The company predicted that Metro Seattle’s rate would go even lower by the end of the year, to approximately 5.6 percent. Downtown Seattle averages 3.2 percent, while on the other end of the spectrum Tacoma stands at 8.5 percent.
Chart courtesy of Marcus & Millichap Real Estate Investment Services at marcusmillichap.com