Burien Town Plaza Shopping Center Sold By Wesbild To Merlone Geier
Burien Town Plaza, located just north of Burien Town Square and home to businesses like Bartells, Staples, Saar’s and Ace Hardware, was sold recently by Wesbild to private equity group Merlone Geier, according to a press release.
“Merlone Geier acquired Burien Town Plaza as part of their growth strategy,” reads the release.
Wesbild had owned Town Plaza since 2004, and undertook a major renovation which was completed in 2008 which increased the size of the shopping center from 126,000 to 140,000 square feet.
“We are leaving Burien Town Plaza in good hands.” said David Laronde of Wesbild.
Wesbild also sold Westwood Village in West Seattle to Bentall Kennedy, which acquired it on behalf of Multi-Employer Property Trust (MEPT).
“We are delighted to acquire a Class A retail property that combines stable income from popular anchor tenants with an opportunity to increase cash flow as the economy improves”, said Jim Howard of Bentall Kennedy. “Its strong performance is anchored in a tenant roster that serves the daily and necessity shopping needs of value-conscious consumers”.
Westwood Village was acquired by Wesbild in 1990 and subsequently redeveloped into a prominent lifestyle centre. “We have truly enjoyed watching this center and its tenants grow to be a key part of the West Seattle community,” said David Laronde of Wesbild, “We realized our goal of re-positioning and re-tenanting the center into a true community shopping experience and hope it continues to be a community gathering place for years to come.”