Tukwila’s Retail Market Gets a $23M Uptick in 1 Sale

Commercially speaking, the industrial market was largely able to weather the Covid-related beatdown in the marketplace. Retail, however, was hit with stay-at-home orders and quarantines. But retail is rebounding. Now.

Institutional Property Advisors (IPA), a division of Marcus & Millichap, has secured a $23.4 million acquisition loan for Park Place, a 153,454-square foot regional strip mall at 17501 Southcenter Parkway in Tukwila, Wash., according to a news release.

Ray Allen, senior vice president and based out of IPA’s Seattle office, arranged the sale (via release):

“The retail market is experiencing sustained rebound momentum and lenders are showing enthusiasm for well-located properties with stable, brand-name tenants,” said Allen. “We were pleased to be able to arrange this transaction amid a competitive process, as this is a well located and tenanted asset.”  

The loan has a 10-year term, LTV of 65 percent and an interest rate of 3.52 percent. The property was built in 1996, and tenants include JoAnn Fabrics, K&G, HomeGoods, Ashley Homestore and PetSmart.