The Woodinville Plaza shopping center on the corner of NE 175th Street and 140th Avenue NE was purchased by Illinois-based Retail Properties of America, Inc. for $35.3 million earlier this month, the company announced.
Although the 171,000-square-foot Woodinville Plaza, built in 1981, has suffered from vacancies over the years, Kim Freely, director of public relations and communications for RPAI, said the company sees that as an opportunity.
“This center is currently 90 percent leased,” Freely wrote in an email interview. “RPAI feels that Woodinville is a very strong retail market and see these vacancies as great opportunities for prominent regional and national tenants to enter the market.”
She added that RPAI expects the recent conversion of Albertson’s to one of two Seattle-area County Market locations to positively impact the property.
According to RPAI, the company is one of the largest owners and operators of high-quality shopping centers in the U.S., owning 212 retail properties totaling 31.3 million square feet as of March 2015.