Everett Mall Owner Sells Adjacent Center

EVERETT, WA-Steadfast Cos., which owns the Everett Mall, has sold the neighboring Village shopping center it developed in 2005 for $21.7 million. Located at 1124-1212 SE Everett Mall Way, the 121,000-sf center is anchored by Best Buy and PetSmart.

The new owner is SJ Investments Realty, an LLC formed by Steve and Joanne Manolakis of Southern California, according to Snohomish County public records. The couple also owns the Corona Spectrum Executive Suites in Corona, CA.

The property garnered multiple offers and the buyer assumed a $15.65 million loan at a fixed interest rate of 5.44%, according Donald MacLellan, managing director of Faris Lee Investments, the brokerage firm with the disposition assignment. Mike Pappas of Colliers International represented the SJ Investments.

The Village at Everett Mall covers 7.5 acres and includes three buildings that are fully leased. The two largest buildings, built in 2005, are occupied by Best Buy, Bed Bath & Beyond, PetsMart, Quizno’s and Sleep Country USA were built in 2005. The third building, built in 1979, is occupied by Bank of America.

Steadfast had been planning to sell the Village after it was developed and stabilized where an aging strip mall once stood. It will continue to own the Everett Mall, which it acquired in 2004 for $50 million. Las year, it completed a $30-million interior renovation of the property.