The Shops at Burlington property in Burlington has sold for $9.5 million after 30 years as the primary outlet mall in Washington. Kidder Mathews’ Mike King, Ryan Haddock, Erik Swanson represented the seller, JPMBB 2015-C28 IN WA WI PROPERTIES, LLC, a Delaware limited liability company. The buyer was local investor Burlington Investment Properties, LLC. The property is situated in a premiere location directly along Interstate 5 at 448 Fashion Way with favorable zoning that allows for large scale redevelopment.
“Four of the five biggest tenants (Nike, Lululemon, Coach, and Pendleton) vacated or gave notice to vacate from the beginning of the assignment to closing. It was clear this property needed a new plan,” said King. “The majority of the interest was from multifamily developers with mixed-use development plans. We had numerous competitive offers and closed with an all-cash buyer on a short timeline. I’m looking forward to seeing what the new owner comes up with to revitalize the property.”
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project and construction management, and debt & equity finance services for all property types. The firm performs $10.9 billion in transactions, manages 62 million square feet of space, and conducts over 2,600 appraisals annually. For more information, visit kidder.com.