Wesbild sells Westwood Village and Burien Town PlazaApril 6, 2011 / in Commercial, News
Wesbild is pleased to announce the sale of both Westwood Village in Seattle, Washington and Burien Town Plaza in Burien, Washington.
Bentall Kennedy acquired Westwood Village 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.”
Merlone Geier, a private equity group, acquired Burien Town Plaza as part of their growth strategy. “We are leaving Burien Town Plaza in good hands.” said Laronde. Wesbild had owned Burien 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.