Regency Centers Helps Seattle Grow with Another Purchase
- Jan 05, 2015
Regency Centers has acquired Broadway Market, a 212,000-square-foot mixed-use property in the Capitol Hill neighborhood of Seattle, Wash., for a reported $43 million from a joint venture of Madison Marquette and LaSalle Investment Management.
The landmark property consists of 111,000 square feet of retail, plus 30 residential units, and 230 stalls of subterranean parking.
“Broadway Market already provides a densely populated community with needs that fulfill their lifestyles, and we will make subtle but important changes to enhance this experience and further connect with the community,” Craig Ramey, Regency’s senior vice president, said in a company statement.
With this acquisition, Regency now owns 10 properties in the Puget Sound region, including Grand Ridge Plaza in Issaquah, Sammamish Highlands, and Cascade Plaza.
“This is a tremendous addition to our Pacific Northwest platform, as we continue to grow our business through development, redevelopment, and acquisitions of highly productive urban and suburban grocery-anchored and mixed-use properties,” Ramey said.
Overall, Regency has developed 218 shopping centers since 2000, representing an investment at completion of more than $3 billion.
Doug Ressler, senior research officer at Pierce-Eislen, named Seattle as one of his top hot markets for 2015. Capitol Hill boasts nearly 28,000 residents per square mile and Seattle has grown faster than any other major American city by adding close to 18,000 residents in just the last two years.
Broadway Market was developed into a plaza mall with a movie theater and residences on its Harvard Ave E. side in 1989 by local developer Val Thomas. Gold’s Gym has since taken over the theater space and most of the second floor, while QFC anchors the plaza and former Fred Meyer space.
Madison Marquette originally purchased Broadway Market in 1999 for $15.5 million and in 2012 recapitalized the property in a $14.7 million transaction that gave a majority stake to LaSalle Investment Management.