Terramar Retail Centers Acquires Canyon Park Place for $35 Million in Bothell, Washington

CARLSBAD, Calif.--(BUSINESS WIRE)--Terramar Retail Centers, LLC has acquired Canyon Park Place, a 130,786-square-foot neighborhood retail center in Bothell, Washington in an off-market transaction. The center, prominently located within the I-405 corridor at the intersection of 228^th Street and Bothell-Everett Highway, is anchored by a 45,772-square-foot QFC grocery and an 11,948-square-foot Bartell?s Drug.

?We are active investors in the marketplace and our strategy is to pursue shopping centers that will provide high-quality, stable cash flow through multiple economic cycles?

?Canyon Park Place is the dominant grocery-anchored center at the intersection that forms the hub of a major commercial region with more than 5.24 million square feet of office space surrounding the center. Additionally, Bothell is one of Seattle's most desired residential communities due to its quality of life and close proximity to major employment centers and cultural destinations in Canyon Park, Redmond, Bellevue and Seattle,? said Terramar?s Vice President of Acquisitions Matthew Smith.

?The center has a highly performing grocer and drug store, and its ability to serve the daily needs of the residents of Bothell and workers in the region has allowed it to maintain a solid track record of high occupancy and stability through this recent market downturn,? Smith said.

?Terramar is excited to add Canyon Park Place as our sixth grocery-anchored center to our existing Pacific Northwest portfolio,? said Terramar President and CEO Steve Bowers. ?This is a strategic region for Terramar and an area where we are actively seeking to expand our footprint. The center's dominant commercial location, strong trade area demographics and established tenancy with daytime and nighttime activity characterize the type of grocery-anchored centers we are aggressively targeting as we look to expand our portfolio in 2012 and beyond.?

The seller was a Seattle-based, family investment company that has owned and operated the center since they originally developed it in 1990. The seller was advised by Terry Moss of Commercial Realty Group, Inc.

Terramar is actively expanding its portfolio through acquisitions, new development and redevelopments of retail centers in its core markets in the western United States.

?We are active investors in the marketplace and our strategy is to pursue shopping centers that will provide high-quality, stable cash flow through multiple economic cycles,? Smith said. ?We are fortunate to be well-capitalized and able to close acquisitions quickly on an all-cash basis, which has proven advantageous in the current economic environment.?

Terramar recently acquired Encinitas Village, a 183,675-square-foot Class A neighborhood retail center in Encinitas, California, one of the best retail submarkets in San Diego County. The center is located at the intersection of El Camino Real and Encinitas Boulevard, and is anchored by a 43,400-square-foot Ralphs Grocery, a 25,473-square-foot CVS Drug, and an 11,000-square-foot Trader Joe?s.

Terramar has acquired, managed and leased more than 6.5 million square feet in its 15-year history. The company currently owns and operates 22 neighborhood, community, specialty and power centers. Terramar?s operating and development portfolio includes more than 3.7 million square feet of retail area throughout the western United States. For more information about the company, visit http://www.terramarcenters.com.

Source: http://feeds.businesswire.com/click.phdo?i=91ad08170807a01a8939c4f2f73d8ef2

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