California Company Snaps Up Everett Shopping Center
California Company Snaps Up Everett Shopping Center
By: Lucy Bingham Costar Research
A real estate investment firm that specializes in mature, modest-sized retail has paid $5.5 million for a 48,600-square-foot shopping center in Everett, a suburb north of Seattle.
Argonaut Investments of Larkspur, California acquired the property at 4920 Evergreen Way from longtime owner David Wyman. The transaction closed on May 4.
The property consists of two buildings on the south side of Everett. The first is a 29,000-square-foot structure that dates to 1973. It is occupied by the office supply chain, Staples, and the discount retailer Dollar Tree. The other is a 19,600-square-foot building constructed in 1957, which is tenanted by the nationwide pharmacy, Rite Aid.
Clayton Brown and Andrew Scotland of Marcus & Millichap represented both sides of the deal.
Argonaut Investments owns one other property in Everett, according to its website and CoStar records, a 121,000-square-foot strip center at 1130 SE. Everett Mall Way that is tenanted by TJ Maxx, Best Buy, and PetSmart, among others. Argonaut bought the property — which is on an outlet of a regional shopping center, Everett Mall — in a $24.9million deal that closed in December 2017.
Argonaut Investments focuses on acquiring and managing neighborhood retail properties in the western U.S. Its portfolio includes shopping centers in California, Alaska, Idaho, Montana, New Mexico, and Oregon, in addition to Washington state.
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With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.