EDMONDS – Highway 99’s Aurora Marketplace has a new owner, which paid $24 million for the Safeway-anchored shopping center as part of a larger deal.
Regency Centers Corp., which specializes in owning and operating grocery-anchored shopping centers, and an Australian partner recently purchased the property from CalPERS, the nation’s largest pension fund.
“The sale really demonstrates the value of prime retail space along Highway 99 in Edmonds,” said Jennifer Gerend, the city of Edmonds’ economic development director.
The Edmonds property was a small part of a deal in which Regency bought more than 100 strip mall developments, including two in Bellevue, from CalPERS. The total transaction was worth more than $2.7 billion.
Regency, based in Jacksonville, Fla., could not be reached for comment.
Built in 1991, the 107,000-square-foot shopping center at 23632 Highway 99 has remained a quality retail spot, said Constance Wilde, CB Richard Ellis vice president who previously handled leasing there.
Aurora Marketplace is the second retail center to sell recently for more than $20 million along Highway 99. In March, a national investment firm paid nearly $30 million for the Lynnwood Center shopping complex at the corner of 196th Street SW and Highway 99.
Reporter Eric Fetters: 425-339-3453 or fetters@heraldnet.com.
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