JLL Completes Sale of Seattle-Area Shopping Center
- Dec 03, 2019
JLL has brokered the sale of a 187,400-square-foot neighborhood shopping center in Covington, Wash. Weingarten Realty Investors acquired Covington Esplanade, a 97.7 percent leased property anchored by Home Depot.
Located at 27027 S.E. 185th Ave. on 15.3 acres, the asset is roughly 1 mile from Highway 18 and has frontage along it, exposing the property to approximately 65,000 vehicles per day. There are more than 50,000 residents earning an average annual income of $112,360 within a 3-mile radius of the center. Completed in 2008, the Covington Esplanade consists of seven separate parcels. Apart from Home Depot, the tenant roster also includes Red Robin, Bank of America, Verizon, Starbucks and IHOP.
The JLL team that represented the seller in the deal included Senior Director Nick Kassab and Managing Director Bryan Ley. Last month, another JLL team assisted the seller of a 112,364-square-foot retail asset in West Palm Beach, Fla.
According to a recent JLL report, second quarter 2019 net absorption in U.S. shopping centers remained positive at 1.9 million square feet, with the majority coming from neighborhood center demand.