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The Landing sold for $165 million
The Landing is now under new ownership.
The 18-acre shopping center was officially sold in December to a Massachusetts-based firm at a price of more than $165 million.
Pearlmark Harvest Lakeshore, the company that built and developed The Landing, began talking last year about selling the shopping center. The sale was always planned, as Lakeshore is a developer and not a management company.
On Dec. 23, the forms were filed with King County announcing the sale to CPT The Landing, LLC, a subsidiary of AEW Capital Management of Boston for a total of $165,400,000.
A total of $2,944,120 was paid in taxes to King County and Renton, with $827,000 in excise taxes coming to the city.
According to King County tax roles, the property is appraised at $52,223,800 for tax purposes.
Opened in 2007, occupancy at the Landing has been steadily increasing, even through the recession. National retailers such as Target, Ross and Dicks, as well as restaurants – both chain and local – and service businesses call the center home.
The sale is for the retail portion of the development only and does not include the apartments, which were developed by other entities. Target is also excluded from the sale as they own their own space.
Occupancy at The Landing is presently at more than 90 percent.
Renton Administrative Services Advisor Iwen Wang said the Excise tax money headed for the city can only be used for capital projects or debt service under state law, but the money will certainly help.
“We budgeted for $2.1 million so this definitely is a healthy increase to our budget,” she said.
Wang also said the city believes the new buyer, known for buying and maintaining quality shopping center properties throughout the country, will be a good thing for the city.
“We think it will be positive to the whole Landing area,” she said.