EVERETT – The owner of the Everett Mall has sold the neighboring Village shopping center – host to Best Buy, PetSmart and other stores – for nearly $22 million.
Steadfast Cos., which directed the development of the retail center in 2004 and 2005, sold it to an unnamed private investor from Southern California.
Patrick Cox of Steadfast, which also is based in California, said his firm attracted multiple offers for the Village, which includes three buildings on 71/2 acres.
The final sale price was $21.7 million, according to Faris Lee Investments, the broker representing Steadfast in the transaction.
Donald MacLellan, a managing director with Faris, said the fully leased project was an easy sell. They’re relatively new buildings with good tenants in an area that’s being touted nationally as a hot market for retail expansion.
“These are the top tenants in their categories with stable, long-term leases next to a mall that’s really turned around,” MacLellan said.
Cox said selling the Village after it was developed was part of the plan for Steadfast, which has no intention of selling the mall itself, which he referred to as a “prize jewel” asset. The company paid more than $50 million to buy it in 2004 and has invested tens of millions of dollars since to expand and bring in new retailers.
After buying the mall property in 2004, Steadfast quickly demolished the empty, aging strip mall on the property’s west side called Everett Mall Village. It then erected new buildings and attracted brand-name stores such as Best Buy and Bed Bath &Beyond as part of the mall’s redevelopment plan.
The final store in the Village development, TJ Maxx, is scheduled to open this fall. It was not included in the sale, Cox said.
Because it’s adjacent to the mall, Steadfast will continue to manage the Village, and the two owners will coordinate closely. Linda Johannes, general manager at the mall, said she’s met the Village’s new owner and came away impressed.
“It’s rare when you can say your new neighbor is someone you would have chosen yourself, but that’s the absolutely the case here,” she said.
Reporter Eric Fetters: 425-339-3453 or fetters@heraldnet.com.
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