CBRE Brokers $33M Sale of Lynnwood Retail Center

CBRE has arranged the $33 million sale of Alderwood Towne Center, a 105,000-square-foot retail complex in Lynnwood, WA. The firm’s Dino Christophilis and Daniel Tibeau with the National Retail Partners group represented the seller and CBRE’s Debt & Structured Finance group arranged the acquisition loan. The shopping center on Alderwood Mall Boulevard is home to 20 businesses, including Marshalls and Michaels.

Lynnwood is a city in transition as it prepares to welcome light rail in 2024. In order to accommodate growing demand for housing, Lynnwood has increased zoning heights to incentivize high-density development. 

“The introduction of light rail is reshaping the 196th Street corridor, and this property is positioned at the heart of the transformation,” said Christophilis. “While the purchaser will enjoy the stability of the existing long-term leases, the opportunity for redevelopment to higher densities is compelling once the leases begin to expire in the 2030’s.”