December 2, 2019 – JLL announced today that it has closed the sale of Covington Esplanade, a 187,388-square-foot, daily needs-focused neighborhood shopping center in the suburban Seattle community of Covington, Washington.
JLL marketed the property on behalf of the seller. Weingarten Realty Investors purchased the asset.
Anchored by Home Depot, the 97.7%-leased Covington Esplanade is also home to Red Robin, NorthWest Family Dental Care IHOP, Bank of America, Verizon, Starbucks and more. The property was completed in 2008 and comprises seven separate parcels with uniform facades. The center is situated on 15.34 acres at 27027 SE 185th Avenue in Covington, a community equidistant between Seattle and Tacoma downtowns. Covington Esplanade is just off Highway 18, a major thoroughfare connecting south King County with Interstate 90, and has frontage along Highway, exposing the center to a combined traffic count of 65,000 vehicles per day. It is in a rapidly growing trade area and is visible to more than 66,000 vehicles per day. Additionally, more than 50,800 residents earning an average annual income of $112,359 live within a three-mile radius of the property.
The JLL Retail Capital Markets team that represented the seller included Senior Director Nick Kassab and Managing Director Bryan Ley.
“We are pleased to announce the sale of Covington Esplanade,” Kassab said. “Opportunities to acquire large, top-performing retail assets in the Seattle MSA are rare. We want to congratulate both the buyer and seller on this successful transaction.”
According to a recent JLL Retail Outlook report, second-quarter 2019 net absorption in U.S. shopping centers (i.e., community, neighborhood and strip centers) remained positive at 1.9 million square feet, with the majority coming from neighborhood center demand. Additionally, neighborhood centers – like Covington Esplanade – are sought after among small retail locales.