LYNNWOOD — A California-based real estate investment company has purchased a 175,000-square-foot shopping center across from the Alderwood mall.
Merlone Geier Partners paid $40.5 million for the Alderwood Plaza Shopping Center at the corner of 33rd Avenue W and 184th Street SW. The center includes as its tenants Red Robin, Buffalo Wild Wings, Ross, Rite Aid, Big 5 Sporting Goods, HomeGoods, Fatburger, Qdoba Mexican Grill, and Game Stop.
Barclays Realty &Management Co. was the seller.
Merlone Geier Partners has been investing in West Coast retail property since 1993. The firm, which has an office in Burien, has more than 140 properties representing 23 million square feet of space.
The company has its corporate headquarters in San Francisco. It is focused on the acquisition, development and redevelopment of retail and retail-driven mixed-use properties on the West Coast, according to the company’s website.
The company aims to purchase property where it can “add value through lease-up, repositioning, redevelopment or improved management,” according to the website.
Sleeth Retail Investment Team of Colliers International helped arrange the sale.
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