MARYSVILLE — Marysville Town Center Mall has undergone a change in ownership. In March, the 226,176-square-foot retail property at the corner of State Avenue and Fourth Street was quietly sold for a reported $19.1 million.
Scott MacPherson, representative for property purchaser Merlone Geier Partners, declined to discuss financial details of the transaction but did comment that his firm was attracted by the site’s possibilities.
“We’re actually really excited about the prospects of Marysville Town Center,” MacPherson said. “We met with the city of Marysville and they have been very cooperative. I think it holds out good prospects for us.”
Merlone Geier Partners is a California-based private real estate investment firm known for the acquisition, redevelopment and repositioning of retail properties on the West Coast. Since its inception in 1993, the firm has acquired more than 90 properties in four states.
Other Washington-based properties owned by the company include Burien Town Plaza in Burien, Sunset Square in Federal Way and Padden Market Center in Vancouver.
Repositioning of retail shopping centers can make them more attractive to desirable tenants. MacPherson acknowledged that Merlone Geier Partners will look to upgrade some of Marysville Town Center’s tenancies while filling the existing vacancies.
The company is already actively seeking a prime anchor tenant to occupy the former location of Gottschalks, which was shuttered following the company’s bankruptcy in early 2009.
Nearby access to I-5 and the national presence of other current anchor tenants Albertsons, Staples, Rite Aid and JC Penney are being advertised by Merlone Geier Partners as desirable aspects.
MacPherson also acknowledged that the property is unlikely to undergo any substantial expansion due to the need to maintain the adequate parking that already exists at the site.
There are, however, plans to do some minor renovations. Other changes down the road have not been ruled out.
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