Shopping complex sold again

MARYSVILLE – A Los Angeles-based commercial property firm has purchased the Marysville Town Center shopping complex for more than $19 million.

Safco Capital Corp. is the fourth owner of the 227,000-square-foot shopping center since 1999.

John Safi, president and the sole shareholder in Safco, said he already owns a few other properties in Washington state, and he’s interested in buying more around the Puget Sound region.

The Town Center last sold in September 2002 to Kimco Realty of New York, which paid nearly $13 million to P.O’B. Apollo. That company had purchased the mall for $12.8 million in 1999.

Safco, which has no connection to the Seattle-based Safeco insurance and investment companies, paid $19.45 million for the retail center this time, according to the county assessor’s office. The assessed value of the property is $14.6 million.

The Marysville Town Center struggled in the early 1990s until it was remodeled in 1995. After that renovation, the center attracted Staples and J.C. Penney to join Albertsons, Gottschalks and other large retailers.

At present, only one 2,200-square-foot space is vacant in the center.

Safco takes over the Town Center at a time when Marysville residents have been focused on the future of the surrounding downtown district.

In two public forums earlier this year, residents suggested the center’s stores along First Street replace their blank walls with display windows or something more enticing to attract motorists passing on Highway 529. Others suggested doing something to improve the look of the large parking lot in front of the mall.

Many residents at the meetings also expressed support for extending Third Street or a pedestrian mall across the property, as well as a pedestrian access near J.C. Penney to the waterfront.

Safi said he and others from Safco have talked with Marysville municipal officials.

“They talked to us and welcomed us,” Safi said. “They talked about changes to the shopping center … to improve visibility and accessibility.”

Gloria Hirashima, Marysville’s community development director, said Safco seemed receptive to some of the ideas when she met with company representatives a few weeks ago.

“I think it was a good first introduction for them to what’s going on in Marysville,” she said, adding she’s hopeful that Safco intends to hold onto the Town Center for at least several years.

Reporter Eric Fetters: 425-339-3453 or fetters@heraldnet.com.

Talk to us

More in Herald Business Journal

Members of Gravitics' team and U.S. Rep. Rick Larsen stand in front of a mockup of a space module interior on Thursday, August 17, 2023 at Gravitics' Marysville facility. Left to right: Mark Tiner, government affairs representative; Jiral Shah, business development; U.S. Rep. Rick Larsen; Mike DeRosa, marketing; Scott Macklin, lead engineer. (Gravitics.)
Marysville startup prepares for space — the financial frontier

Gravitics is building space station module prototypes to one day house space travelers and researchers.

Orca Mobility designer Mike Lowell, left, and CEO Bill Messing at their office on Wednesday, Aug. 16, 2023 in Granite Falls, Washington. (Olivia Vanni / The Herald)
Could a Granite Falls startup’s three-wheeler revolutionize delivery?

Orca Mobility’s battery-powered, three-wheel truck is built on a motorcycle frame. Now, they aim to make it self-driving.

Catherine Robinweiler leads the class during a lab session at Edmonds College on April 29, 2021. (Kevin Clark / The Herald)
Grant aids apprenticeship program in Mukilteo and elsewhere

A $5.6 million U.S. Department of Labor grant will boost apprenticeships for special education teachers and nurses.

Peoples Bank is placing piggy banks with $30 around Washington starting Aug. 1.
(Peoples Bank)
Peoples Bank grant program seeks proposals from nonprofits

Peoples Bank offers up to $35,000 in Impact Grants aimed at helping communities. Applications due Sept. 15.

Workers build the first all-electric commuter plane, the Eviation Alice, at Eviation's plant on Wednesday, Sept. 8, 2021 in Arlington, Washington.  (Andy Bronson / The Herald)
Arlington’s Eviation selects Seattle firm to configure production plane

TLG Aerospace chosen to configure Eviation Aircraft’s all-electric commuter plane for mass production.

Jim Simpson leans on Blue Ray III, one of his designs, in his shop on Friday, August 25, 2023, in Clinton, Washington. (Ryan Berry / The Herald)
Whidbey Island master mechanic building dream car from “Speed Racer”

Jim Simpson, 68, of Clinton, is using his knowledge of sports cars to assemble his own Mach Five.

An Amazon worker transfers and organizes items at the new PAE2 Amazon Fulfillment Center on Thursday, Sept. 14, 2023, in Arlington, Washington. (Ryan Berry / The Herald)
Amazon cuts ribbon on colossal $355M fulfillment center in Arlington

At 2.8 million square feet, the facility is the largest of its kind in Washington. It can hold 40 million “units” of inventory.

A computer rendering of the North Creek Commerce Center industrial park in development at 18712 Bothell-Everett Highway. (Kidder Mathews)
Developer breaks ground on new Bothell industrial park

The North Creek Commerce Center on Bothell Everett Highway will provide warehouse and office space in three buildings.

Dan Bates / The Herald
Funko president, Brian Mariotti is excited about the growth that has led his company to need a 62,000 square foot facility in Lynnwood.
Photo Taken: 102312
Former Funko CEO resigns from the Everett company

Brian Mariotti resigned Sept. 1, six weeks after announcing he was taking a six-month sabbatical from the company.

Cash is used for a purchase at Molly Moon's Ice Cream in Edmonds, Washington on Wednesday, Aug. 30, 2023. (Annie Barker / The Herald)
Paper or plastic? Snohomish County may require businesses to take cash

County Council member Nate Nehring proposed an ordinance to ban cashless sales under $200. He hopes cities will follow suit.

A crowd begins to form before a large reception for the opening of Fisherman Jack’s at the Port of Everett on Wednesday, August 30, 2023, in Everett, Washington. (Ryan Berry / The Herald)
Seafood with a view: Fisherman Jack’s opens at Port of Everett

“The port is booming!” The new restaurant is the first to open on “restaurant row” at the port’s Waterfront Place.

Tanner Mock begins unwrapping new furniture that has been delivered on Thursday, Aug. 24, 2023 in Everett, Washington. (Olivia Vanni / The Herald)
In Everett, new look, new name for mainstay Behar’s Furniture

Conlin’s Furniture, based in South Dakota, bought the huge store and celebrates with a grand opening this week.