Lightstone, a real estate investment firm, has recently acquired The Outlet Collection Seattle from Washington Prime Group for $82 million. This enclosed outlet center spans 920,000 square feet and is located in the greater Seattle metropolitan area.
To handle outlet tenant leasing for this property, Lightstone has enlisted the help of experienced industry professionals Nicholas King (former COO of Prime and Paragon Outlets), Michele Dawson and Scott Ferguson of FFO Real Estate Advisors. Leasing will be handled by Spinoso Real Estate Group.
With this acquisition, Lightstone plans to invest over $10 million in capital improvements and upgrades to tenants within the mall. David Lichtenstein, Chairman and CEO of Lightstone stated that they see great potential in this investment opportunity.
Currently operating at 98% occupancy rate,the mall’s tenants include popular brands such as Nordstrom Rack,Burlington,Best Buy,Dave & Busters,Polo Ralph Lauren,Kate Spade,Ulta.Coach,Nike.Adidas,and Michael Kors.This diverse selection adds value to the overall appeal of The Outlet Collection Seattle.
