Sunday, April 10, 2011

Marcus & Millichap Arranges $18.4 Million Sale of Seattle Shopping Center

SEATTLE, WA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of  the Promenade 23 Shopping Center (top left and bottom right photos), a 97,017-square foot shopping center in Seattle. The sales price of $18.4 million represents $189 per square foot.

 Dino Christophilis, an associate vice president investments in the firm’s Seattle office, represented the buyer, Weingarten Realty Investors.

“’The Promenade 23,’ as it is called locally, is the retail focal point of Seattle’s Central District,” says Christophilis. “Weingarten Realty plans to explore options for improving the center. Local zoning permits heights of up to 65 feet, which creates some intriguing possibilities,” adds Christophilis.

 The property is located at 303 and 323 24th Ave. S and 2309 South Jackson St. in Seattle, due east of the downtown business district and one of Sound Transit’s light rail stops.

The center consists of Promenade North, located at the northeast corner of 23rd Ave. S and Jackson St., and Promenade South, located at the southeast corner of 23rd Ave. S and Jackson St.

The Promenade 23 Shopping Center is anchored by a freestanding Starbucks, a freestanding Walgreens and local food chain Red Apple Grocery.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

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