A real estate investment firm paid $22.5 million last month for most of Everett Village Center, a retail strip occupied by big brand-name tenants adjacent to Everett Mall.
The reported sales price was $5.29 million less than the asking price.
The San Francisco-based Stockbridge Capital Group bought the property from SJ Reality Investments, a private, family-owned trust based in Ohio. Colliers International handled the sale.
The fully-leased development has 120,912 square feet of leasable space located immediately west of Everett Mall. Current tenants are Bank of America, Best Buy, Quiznos Subs, Sleep Country, Bed Bath &Beyond, PetSmart, HobbyTown USA and TJ Maxx.
A sales listing by Colliers International lists the site’s net operating income as $1,722,804. That includes Bank of America’s below-market rent, according to the listing.
The retail buildings were constructed between 2005 and 2007. The Bank of America branch building was built in 1979, according to the Snohomish County Assessor’s Office.
Property tax records list the new taxpayer as Stockbridge Everett Village Center LLC.
The sale closed Aug. 31.
Dan Catchpole: 425-339-3454; dcatchpole@heraldnet.com; Twitter: @dcatchpole.
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