There was a big sale on at Pacific Place mall on Monday but only one buyer was able to make the purchase. National real-estate management company Madison Marquette (along with offshore investors they would not name, which doesn't sound shady at all) purchased the downtown shopping mall for $271M. That comes out to more than $774/square foot, which would be a record for the area. Pine Street Group opened the mall in 1998 after spending $175M to build. In a nice added bonus, almost $14M of the sale proceeds will go to the United Way of King County. It's the second mall purchase in the area for Madison Marquette, who also acquired the Bellevue Galleria for $87.6M last October.
· Pacific Place mall sold for $271M [Seattle Times]
· D.C. developer scoops up Seattle's Pacific Place mall for $271 million [PSBJ]
Filed under: