LYNNWOOD – A Lynnwood shopping mall, near the planned Sound Transit Lynnwood City Center light rail station has been sold for nearly $33 million.
The location could make the site ripe for redevelopment.
The Alderwood Towne Center, a 105,000 square-foot strip mall, is almost fully occupied.
Located at 3105-3225 Alderwood Mall Blvd., the mall is home to 20 businesses, including anchor tenants Marshalls and Michaels.
The buyer is Tri-Western Syndicated Investments, a Bellevue-based private holding family controlled by the Radford family.
CBRE’s National Retail Partners group represented the seller, Alderwood Shopping Center 04 E, a private investor.
The 1980s era mall is located less than a mile from the Lynnwood link light rail station, which is under construction.
“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 2030s,” said Dino Christophilis, senior vice president with CBRE’s National Retail Partners.
The mall’s proximity to the station and changes in the city’s zoning laws — meant to advance high density development — are a big plus, Christophilis said.
Alderwood Towne Center is zoned for buildings up to 120 feet tall, a height that could accommodate, for example, a 10-story building.
Marshalls is an original tenant dating back to the mall’s construction in 1986.
Other tenants include Almost Golf, Mattress Depot, Pure Hockey and Precor Home Fitness.
CBRE said the Radford family plans “significant capital improvements to the property” after the deal closes.
The area around the Lynnwood light rail station and Alderwood Mall has been a boom town in recent years for the construction of high-density housing developments.
Hundreds of new apartment units have appeared or are being built anticipating light rail’s arrival.
Seattle developer, Trent Development, for one, is transforming a former one-story strip mall on 2- 1/2 acres at 19888 40th Ave. W., into a 360-unit apartment building. It is expected to be ready for occupancy in two years, coinciding with the opening of the Lynnwood light rail station.
Light rail service in Lynnwood is set to start in 2024.
The station is anticipated to have around 50,000 daily riders by 2026.
In the meantime, the city, in an attempt to accommodate rising demand for housing, has increased some zoning heights to promote high-density development.
Janice Podsada: 425-339-3097; jpodsada@heraldnet.com;
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