In the city's largest retail transaction in over a decade, Andrew Cratsenberg Jr has agreed on a deal to sell Federal Way's prominent Center Plaza.
FEDERAL WAY, WASHINGTON, UNITED STATES, September 19, 2018 /EINPresswire.com/ — In a deal arranged by Andrew Cratsenberg Jr and Cratsenberg Properties, LLC, and brokered by Capital Pacific, the sale also includes a nearby Red Lobster, Starbucks, and a currently vacant parcel of land which Cratsenberg suggests is primed for redevelopment by the new owners.
Selling for $14.2 million, the 7.74-acre site boasts 74,000 square feet of leasable space, including a trio of strip malls, each with 90 percent current occupancy. Center Plaza strip mall tenants include Subway, Pacific Island Grill, Total Vape, Al's Music, Elegant Nails & Foot Massage, Games & Video, and Peking Express.
Center Plaza is positioned adjacent to regional shopping mall The Commons at Federal Way and is just south of the city's Town Square Park.
Andrew (Butch) Cratsenberg intends to use the sales funds through a 1031 tax-deferred exchange in order to invest in further commercial properties in Washington, as well as in Arizona. Several such properties are currently under contract to purchase. A 1031 tax-deferred exchange allows for the sale of property in order to use the funds to purchase like-kind property or properties without the need to pay capital gains on the sale.
It's understood that Center Plaza's new owners are keen to keep existing tenants while also upgrading the property starting with new signage and improved landscaping. It is not believed that the site is planned for any major redevelopment.
Located along South 320th Street, Federal Way between Highway 99 and Interstate 5, the city's Mayor Jim Farrell is currently working to turn several nearby parcels of land into a town center. The city currently owns over 20 acres of land on South 316th Street and 20th Avenue, Federal Way, much of which has been designated to three 'town center' phases.
Town Center 1, Town Center 2, and Town Center 3 will include a new performing arts venue for Federal Way with an attached 125 room hotel, park, and numerous other mixed-use developments. As part of the project, the city's mayor also intends to bring a university to Federal Way, according to recent reports.
Following the sale by Andrew Cratsenberg and Cratsenberg Properties, LLC, it's hoped that Center Plaza, which was originally purchased by Andrew Cratsenberg Sr., will now grow along with the municipality's planned developments.
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Source: EIN Presswire