Lightstone, a private real estate investment firm with over $9 billion in assets under management, has acquired The Outlet Collection Seattle in Auburn from Washington Prime Group for $82 million.
The enclosed outlet mall, spanning 920,000 square feet, is located in Auburn and is currently operating at 98% occupancy.
Lightstone plans to invest more than $10 million in capital improvements and tenant upgrades for the property, with the aim of enhancing the shopping experience, attracting premium tenants, and addressing deferred maintenance.
“Having spent years building a premier portfolio of retail and outlet spaces across the country, we have a deep understanding of the market and we know how to identify, nurture, and enhance well-performing assets,” said David Lichtenstein, Lightstone’s chairman and CEO. “We see tremendous opportunity in this investment and are looking forward to tapping into its full potential.”
The mall is home to prominent tenants such as Nordstrom Rack, Burlington, Best Buy, Dave & Buster’s, Polo Ralph Lauren, Kate Spade, Ulta, Coach, Nike, Adidas, and Michael Kors.
To support its vision, Lightstone has engaged industry experts Nicholas King, formerly COO of Prime and Paragon Outlets, along with Michele Dawson and Scott Ferguson of FFO Real Estate Advisors for outlet tenant leasing. Spinoso Real Estate Group will manage leasing for big-box and mall tenants.
Lightstone has a proven track record of successfully revitalizing retail properties. The firm’s notable history includes its acquisition of Prime Retail for $640 million in 2003 and a subsequent recapitalization with Simon Property Group for $2.24 billion in 2009. Lightstone continues to co-own outlet properties with Simon Property Group, including Norfolk Premium Outlets in Virginia, Twin Cities Premium Outlets in Minnesota, and Gloucester Premium Outlets in Pennsylvania.
The Outlet Collection Mall is located at 1101 Outlet Collection Way, Auburn WA 98001:
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