EVERETT – Months after selling most of its successful Village shopping center in a $21.7 million deal, the owner of the Everett Mall has sold the rest to the same buyer.
The unfinished space for TJ Maxx and Hobby Town USA, both of which will open in the next two months, sold for $6.35 million. The buyer was Mano Realty Investments LLC from San Diego, Calif.
Mano also bought the rest of the Village, whose other tenants include Best Buy and PetSmart, in March.
“They’re a nice addition to the neighborhood,” Linda Johannes, the mall’s general manager, said of Mano.
The new building for TJ Maxx and Hobby Town totals about 29,000 square feet. Faris Lee Investments, which represented the mall’s owner, Steadfast Cos., in the sale, said its unusual to sell a retail building while its still under construction.
But the fortunes of Everett Mall and its surrounding retail neighbors look much brighter today than just a few years ago.
After languishing under previous owners, the mall has received an influx of investment since Steadfast bought it in 2004. The owner spent more than $30 million to renovate parts of the main mall complex and to build the Village shopping center.
Lately, the mall has begun attracting a new wave of tenants, including a large Steve &Barry’s store, which opens today.
Donald MacLellan, managing director of Faris Lee, has said interest in the Puget Sound region’s retail properties attracted a number of buyers to the Village property. His company notes that within a three-mile radius of the mall area, the population exceeds 100,000 and the average household income is in excess of $63,000.
While it was happy to sell the Village development, Steadfast has indicated it has no plans to sell the mall itself.
Reporter Eric Fetters: 425-339-3453 or fetters@heraldnet.com.
New mall store
Steve &Barry’s, a fast-growing discount seller of clothes, opens a new 78,000-square-foot store at Everett Mall at 10 a.m. today.
The store, located on the mall’s south side in the space formerly occupied by Mervyn’s, is the chain’s third location in Western Washington.
Steve &Barry’s has made a name for itself by carrying casual clothes that typically sell for about $20 or less.
New mall store
Steve &Barry’s, a fast-growing discount seller of clothes, opens a new 78,000-square-foot store at Everett Mall at 10 a.m. today.
The store, located on the mall’s south side in the space formerly occupied by Mervyn’s, is the chain’s third location in Western Washington.
Steve &Barry’s has made a name for itself by carrying casual clothes that typically sell for about $20 or less.
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