MILL CREEK – A Seattle-based investment company has a deal in the works to buy the popular Mill Creek Town Center for $70 million.
Panos Properties LLC has acquired a section of the 183,000-square-foot shopping center. The company has entered into an agreement to close on the second portion of the development next March. Panos Properties already owns another shopping center in town, the Mill Creek Plaza.
“We really believe in that market,” said Tim Panos, principal of Panos Properties.
The 14-building retail center and parking garage sits on 15 acres of property developed by Wakefield Commercial LLC. An affiliate of Bellevue’s Wakefield Properties, the commercial developer began work on the property in 2003.
Located south of 153rd Street SE at the Bothell-Everett Highway, Mill Creek Town Center lists retail tenants such as Central Market, The Everett Clinic, Boston Pizza, University Bookstore and Pier 1 Imports.
“Mill Creek Town Center is a terrific piece of property, fully leased, at a great location in a thriving market,” said Royce Cottle of Leibsohn Co., which represented Panos Properties in the deal.
Panos will acquire the property in two phases. The first phase involves the area south of 153rd Street SE and east of Main Street, Panos said. Businesses in this section include Starbucks, Jamba Juice and Central Market.
The area west of Main Street will become Panos Properties’ next year. The company has no immediate plan for changes at the retail center.
Aside from its Mill Creek properties, Panos Properties also owns and manages several other shopping centers like Kirkland Square, Lake City Shopping Center, Burien Shopping Center, Loehmann’s Plaza and Parkwood Plaza.
“Mill Creek Town Center is a strategic long-term investment for us,” Panos said. “The Town Center offers an excellent tenant mix and a true ‘Main Street’ shopping experience.”
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