Totem Lake Mall in Kirkland to Undergo $200M Renovation, Expansion
- May 19, 2015
The Totem Lake Mall in Kirkland was recently acquired by a joint venture consisting of CenterCal and PCCP LLC. The Village at Totem Lake LLC purchased the property from Developers Diversified Realty and Coventry Real Estate Advisors for a total of $35.5 million. The new owners are looking to extensively refurbish the asset and expand the amount of space available at Totem Lake. The shopping center will be transformed into a more modern location with new components and new anchor tenants.
Located at 12601 120 Ave. in Kirkland, Wash., Totem Lake Mall currently offers a total of 290,000 square feet of space. The four decade-old property will be redeveloped into a mixed-use center anchored by a grocery and a theater. The property is currently being anchored by Ross, Trader Joe’s, 24 Hour Fitness and My Home Furniture, with the first two already signed on for the new iteration of the asset. Considering the magnitude of the changes planned for the renovation and redevelopment of the mall, it’s no surprise that the investment is estimated at around $200 million.
Thought out in such a way as to provide a “village feel,” the construction process is expected to take around 12 months. The expansion will increase the total amount of space available at Totem Lake Mall to around 650,000 square feet of space.