Everett Mall sells property

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.

Talk to us

More in Herald Business Journal

Nuno Taborda
Former Rolls Royce executive to lead Everett aerospace firm

magniX, which builds electric aircraft motors, has hired Nuno Taborda as its next CEO.

Epic Ford on the corner of 52nd Street and Evergreen Way in Everett is closed. The dealership has been in business for more than 50 years. (Janice Podsada / The Herald)
After 50 years, Everett’s Epic Ford dealership closes shop

It opened in 1971, when gas guzzling muscle cars like the Ford Mustang still ruled the road.

Dan Bates / The Herald
When Seattle Genetics founder, Clay Siegall lost his father while in college, he switched from studying for an MD to studying for a PhD., and a goal to treat cancer patients.  His efforts are paying off in lives.
Bothell biotech CEO resigns after domestic-violence allegation

Clay Siegall co-founded Seagen, which develops therapies for cancer patients. He’s accused of attacking his wife.

FILE - A sign at a Starbucks location in Havertown, Pa., is seen April 26, 2022. Starbucks says it will pay travel expenses for U.S. employees to access abortion or gender-confirmation procedures if those services aren't available within 100 miles of a worker’s home. The Seattle coffee chain says, Monday, May 16, 2022, the benefit will also be available to dependents of employees enrolled in its health care coverage. (AP Photo/Matt Rourke, file)
Starbucks will cover travel for workers seeking abortions

Amazon and Tesla also will provide the benefit. Walmart and Facebook have stayed silent.

A barista pours steamed milk into a red paper cup while making an espresso drink at a Starbucks coffee shop in the Pike Place Market, Tuesday, Nov. 10, 2015, in Seattle. It's as red as Santa's suit, a poinsettia blossom or a loud Christmas sweater. Yet Starbucks' minimalist new holiday coffee cup has set off complaints that the chain is making war on Christmas. (AP Photo/Elaine Thompson)
Interfaith group asks Starbucks to drop vegan milk surcharge

They say the practice amounts to a tax on people who have embraced plant-based lifestyles.

FILE - In this Monday, March 1, 2021 file photo, The first Alaska Airlines passenger flight on a Boeing 737-9 Max airplane takes off on a flight to San Diego from Seattle-Tacoma International Airport in Seattle. A Boeing pilot involved in testing the 737 Max jetliner was indicted Thursday, Oct. 14,2021 by a federal grand jury on charges of deceiving safety regulators who were evaluating the plane, which was later involved in two deadly crashes. (AP Photo/Ted S. Warren, File)
Alaska Airlines to keep canceling flights at high level for weeks

Flight cancellations since April will continue. The chaos has been damaging for Seattle’s hometown airline.

FILE - An airplane flies past the Boeing logo on the company's headquarters in Chicago, on Thursday, Dec. 20, 2001. Boeing Co., a leading defense contractor and one of the world's two dominant manufacturers of airline planes, is expected to move its headquarters from Chicago to the Washington, D.C., area, according to two people familiar with the matter. The decision could be announced as soon as later Thursday, May 5, 2022, according to one of the people. (AP Photo/Ted S. Warren, File)
Boeing expected to move headquarters from Chicago to DC area

The move would put Boeing executives close to their key customer, the Pentagon, and the FAA.

This 3D rendering shows Sila's 6000-foot facility in Moses Lake, to be used to manufacture lithium-ion anode battery materials. (Business Wire)
New factory in Moses Lake will bring hundreds of new jobs

The plant will manufacture lithium-ion anode battery materials for cars and cellphones.

Dr. David Kirtley at the new Helion headquarters, Antares, in Everett, Washington on Wednesday, Jan. 19, 2022  (Olivia Vanni / The Herald)
Helion Energy: New Everett company has the sun in its eyes

The firm is the winner of a new award by Economic Alliance Snohomish County, called Opportunity Lives Here.

Marysville Mayor Jon Nehring is this year's winner of the Henry M. Jackson Award given by Economic Alliance Snohomish County. Photographed in Marysville, Washington on April 25, 2022. (Kevin Clark / The Herald)
Jon Nehring: Longtime Marysville mayor who’s nurtured growth

He’s helped steer the city’s transformation and is winner of the Jackson Award by Economic Alliance Snohomish County.

Monti Ackerman, recipient of the John Fluke Award, is pictured Thursday, April 28, 2022, outside his office in Everett, Washington. (Ryan Berry / The Herald)
Monti Ackerman: A passionate volunteer and calculator whiz

The Fortive executive is the winner of this year’s Fluke Award by Economic Alliance Snohomish County.

Rep. Mike Sells, D-38, is the recipient of this year's Henry M. Jackson award. The award recognizes a visionary leader who through partnership, tenacity and a strong commitment to community has created lasting opportunities to improve quality of life and positively impact the regional economy. Photographed in Everett, Washington on April 29, 2022.  (Kevin Clark / The Herald)
Rep. Mike Sells: He fought for WSU Everett and worker rights

The retiring legislator is the recipient of the Floyd Award from Economic Alliance Snohomish County.