Newmark Knight Frank’s Executive Managing Directors Paul and Billy Sleeth and Investment Associate Patrick Allen recently brokered the off-market sale of an assemblage of properties located at the NE and NW corners of Alderwood Mall Parkway and 196th St SW in Lynnwood, Washington. The nearly 300,000 SF Lynnwood Portfolio which Alderwood Parkway Place, LLC sold to Vestar Alderwood Parkway, LLC included; Alderwood Parkway Place, Alderwood Parkway Plaza, Alderwood Parkway Plaza II, Golde Creek Plaza, Golde Creek Plaza II and Golde Creek Plaza III Building. The sale closed on December 19th, 2019.
The portfolio is comprised of retail centers surrounding one of the busiest corridors in the North end and anchored by nationally recognized tenants, with a draw rivaling the mall itself. Golde Creek Plaza I, II and III boast respected retailers including Nordstrom Rack, Barnes & Noble, ULTA, Old Navy and a new Anko store, while Alderwood Parkway Plaza I and II area anchored by Best Buy and David’s Bridal.
“The Alderwood portfolio is located in the heart of one of the most desirable and respected retail trade areas in the state” Paul Sleeth of NKF’s Retail Investments Team commented. “This is a regional shopping center with immediate access to I-5, I-405, Alderwood Mall and the future light rail station. The 100% leased portfolio will experience continued success as Lynwood continues to grow and experience increased densities.”
About Newmark Knight Frank: Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.sleethretail.com.
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