EVERETT – A south Everett shopping center anchored by Target and Sports Authority has sold for more than $22 million just two years after changing hands for less than $14 million.
Bloch Properties LLC of Bellevue sold the Greentree Plaza Shopping Center to Colorado-based GDA Real Estate Services. The property, located along Everett Mall Way at Third Avenue SE, sold for more than $22.6 million, according to county records.
The strip mall includes Sports Authority and about 20 smaller shop spaces. The sale does not include the 100,000-square-foot space occupied by Target, which owns its building there.
Since 2004, when Bloch bought the property, a Starbucks coffee shop and Baja Fresh Mexican restaurant have been added there. Under Bloch’s ownership, the center also underwent a partial renovation.
“We like the property. We didn’t sell it for economic reasons,” said Darren Bloch, manager of the family-owned firm.
He added that the handsome profit after just more than two years speaks to the strong demand for commercial real estate in Snohomish County.
Greentree Plaza was Bloch Properties’ only holding in the county.
GDA, on the other hand, is more than familiar with Everett Mall Way. In 2002, the firm bought Everett Mall Plaza, the strip mall immediately north of the Everett Mall, for $19 million – one of the biggest retail property deals in the Puget Sound region that year.
Reporter Eric Fetters: 425-339-3453 or fetters@heraldnet.com.
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