Institutional Property Advisors (IPA), a division of Marcus & Millichap, has secured a $23.4 million acquisition loan for Park Place, a 153,454-square foot regional strip mall at 17501 Southcenter Parkway in Tukwila, Washington. The transaction was arranged by Ray Allen, senior vice president, based out of the Seattle office.
“The retail market is experiencing sustained rebound momentum and lenders are showing enthusiasm for well-located properties with stable, brand-name tenants,” said Allen. “We were pleased to be able to arrange this transaction amid a competitive process, as this is a well located and tenanted asset.”
The loan has a 10-year term, LTV of 65 percent and an interest rate of 3.52 percent. The property was built in 1996, and tenants include JoAnn Fabrics, K&G, HomeGoods, Ashley Homestore and PetSmart.