JLL closes sale of Seattle-area retail center
Weingarten Realty Investors purchased the Home Depot-anchored shopping center
SEATTLE, December 2, 2019 – JLL announced today that it has closed the sale of Covington Esplanade, a 187,388-square-foot, daily needs-focused neighborhood shopping center in the suburban Seattle community of Covington, Washington.
JLL marketed the property on behalf of the seller. Weingarten Realty Investors purchased the asset.
Anchored by Home Depot, the 97.7%-leased Covington Esplanade is also home to Red Robin, NorthWest Family Dental Care IHOP, Bank of America, Verizon, Starbucks and more. The property was completed in 2008 and comprises seven separate parcels with uniform facades. The center is situated on 15.34 acres at 27027 SE 185th Avenue in Covington, a community equidistant between Seattle and Tacoma downtowns. Covington Esplanade is just off Highway 18, a major thoroughfare connecting south King County with Interstate 90, and has frontage along Highway, exposing the center to a combined traffic count of 65,000 vehicles per day. It is in a rapidly growing trade area and is visible to more than 66,000 vehicles per day. Additionally, more than 50,800 residents earning an average annual income of $112,359 live within a three-mile radius of the property.
The JLL Retail Capital Markets team that represented the seller included Senior Director Nick Kassab and Managing Director Bryan Ley.
“We are pleased to announce the sale of Covington Esplanade,” Kassab said. “Opportunities to acquire large, top-performing retail assets in the Seattle MSA are rare. We want to congratulate both the buyer and seller on this successful transaction.”
According to a recent JLL Retail Outlook report, second-quarter 2019 net absorption in U.S. shopping centers (i.e., community, neighborhood and strip centers) remained positive at 1.9 million square feet, with the majority coming from neighborhood center demand. Additionally, neighborhood centers – like Covington Esplanade – are sought after among small retail locales.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Weingarten Realty Investors
Weingarten Realty Investors (NYSE: WRI) is a shopping center owner, manager and developer. At September 30, 2019, the Company owned or operated under long-term leases, either directly or through its interest in real estate joint ventures or partnerships, a total of 170 properties which are located in 17 states spanning the country from coast to coast. These properties represent approximately 33.0 million square feet of which our interests in these properties aggregated approximately 21.5 million square feet of leasable area. To learn more about the company’s operations and growth strategies, please visit weingarten.com.