The Town & Country Square mall in Issaquah was sold Friday to a private investor for $57.1 million, according to CBREwho negotiated the sale.
The 165,870 square foot mall, at 1185 NW Gilman Blvd., is fully leased with a mix of tenants that includes Hobby Lobby, Rite Aid and 425 Fitness, CBRE said.
A local investment group, which developed the property in the 1980s, sold the property. The group was represented by Dino Christophilis and Daniel Tibeau of CBRE’s National Retail Partners Group in the Pacific Northwest.
No new plans have been filed for the property, but its location is ideal for potential redevelopment, CBRE said. The site spans over 16 acres, along Interstate 90 and near the Issaquah Transit Center.
“Town & Country Square is a classic example of the long-term potential of shopping malls,” CBRE’s Christophilis, senior vice president of CBRE National Retail Partners, said in a statement. “While the property is fully stabilized today with long-term tenants and 100% occupancy, the highest and best obvious use of the property is mixed-use redevelopment.”
Christophilis said the site could accommodate more than 1,000 apartments. Any redevelopment process would take many years and involve a working relationship with the City of Issaquah and current tenants, he said.
“As a local investor, the buyer is uniquely qualified to undertake such a process,” Christophilis said. “The buyer will benefit from reliable and growing cash flow while emphasizing the long-term use of the property.”
Neither the buyer nor the seller have been identified.