Alderwood Towne Center, a 105,357-square-foot retail center that includes Marshalls and Michaels, has been sold for $32.7 million to Tri-Western Syndicated Investments, a Bellevue-based private holding company controlled by the Radford family.
CBRE National Retail Partners group represented the seller, Alderwood Shopping Center 04 E, LLC, a private investor.
Located at 3105-3225 Alderwood Mall Blvd., adjacent to Interstate 5, Alderwood Towne Center is home to 20 businesses, including anchor tenants Marshalls and Michaels. Marshalls is an original tenant dating back to the property’s construction in 1986. The Michaels store is one of the most highly trafficked in the Puget Sound region. Other tenants include Almost Golf, Mattress Depot, Pure Hockey and Precor Fitness, among others..
“The introduction of light rail is reshaping the 196th Street corridor, and this property is positioned at the heart of this transformation, said Dino Christophilis, CBRE senior vice president. “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.”
According to a Tuesday announcement, the Radford family plans significant capital improvements to the property post-acquisition to elevate the center to the best-in-class offering for the trade area.
Lynnwood will welcome light rail in 2024, and the CBRE announcement notes the city is working to accommodate growing demand for housing and has increased zoning heights to incentivize high-density development. Alderwood Towne Center is zoned for buildings up to 120 feet. The city is also improving infrastructure, including the addition of a new I-5 bridge connecting 196th Street and 33rd Avenue West – located adjacent to Alderwood Towne Center.
The Lynnwood Link Light Rail Station is under construction 0.8 miles southwest of the retail center. The station is scheduled to open in 2024 and is anticipated to have around 50,000 daily riders by 2026.