Newmark Completes $45M Sale of Lynnwood Shopping Center

Sakioka Farms, a privately-held Orange County, CA-based family office, has purchased Lynnwood Crossroads, a 103,000-square-foot grocery-anchored shopping center in Lynnwood, WA. Newmark facilitated the $45 million, all-cash 1031 exchange transaction, representing both buyer and seller.

“The seller, Sterling Realty Organization, assembled, developed and leased the property to a very high standard, enabling them to capitalize from aggressive investor appetite for best-in-class retail assets,” said Paul Sleeth who represented the seller along with Billy Sleeth. Newmark’s Pete Bethea, Glen Rudy and Rob Ippolito represented the buyer.

100% occupied Lynnwood Crossroads is anchored by Sprouts Farmers Market and features national credit tenants including LA Fitness, Starbucks, Jersey Mike’s Subs, Five Guys, Great Clips and Qdoba. The property is located directly on a high-traffic intersection at Pacific Highway 99 and 196th Street SW. Neighboring retailers include Walmart, Costco and Safeway.