Press Releases
Marcus & Millichap Brokers Retail Center Sale in Southeastern Washington State
February 05, 2024
WALLA WALLA, Wash., Feb. 5, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Walla Walla Town Center, a 120,169-square-foot shopping mall in Walla Walla, Washington.
“Despite the departure of Bed, Bath & Beyond, which declared bankruptcy and vacated the premises during escrow, Walla Walla Town Center was 93% occupied at closing and negotiations are underway with Old Navy to backfill some of the vacancies,” said Christopher Edwards, senior associate in Marcus & Millichap’s Seattle office. Edwards and Marcus & Millichap’s Clayton Brown and Ruthanne Loar completed the sale on behalf of the buyer, which consists of the Alamo Group and Covenant Real Estate Group. Previously, Alamo purchased the former ShopKo building in the shopping center, and it is under redevelopment with a grand opening of HomeGoods and Burlington scheduled for this spring. Last year, Alamo Group and Covenant Real Estate Group purchased a ShopKo property in Spokane Valley that is being redeveloped.
Easily accessible from U.S. Highway 12, Walla Walla Town Center is located at the intersection of Rose Street and Myra Road. The Walla Walla Regional Airport, Walla Walla University and the Walla Walla Country Club are nearby. Formerly the Blue Mountain Mall, the 31-acre shopping mall was redeveloped and reopened as Walla Walla Town Center in 2018. The tenant roster includes Planet Fitness, Burlington, Ross, Marshall’s, Pet Smart, Ulta Cosmetics, Hobby Lobby, Famous Footwear, and Sportsman’s Warehouse.
“Despite the departure of Bed, Bath & Beyond, which declared bankruptcy and vacated the premises during escrow, Walla Walla Town Center was 93% occupied at closing and negotiations are underway with Old Navy to backfill some of the vacancies,” said Christopher Edwards, senior associate in Marcus & Millichap’s Seattle office. Edwards and Marcus & Millichap’s Clayton Brown and Ruthanne Loar completed the sale on behalf of the buyer, which consists of the Alamo Group and Covenant Real Estate Group. Previously, Alamo purchased the former ShopKo building in the shopping center, and it is under redevelopment with a grand opening of HomeGoods and Burlington scheduled for this spring. Last year, Alamo Group and Covenant Real Estate Group purchased a ShopKo property in Spokane Valley that is being redeveloped.
Easily accessible from U.S. Highway 12, Walla Walla Town Center is located at the intersection of Rose Street and Myra Road. The Walla Walla Regional Airport, Walla Walla University and the Walla Walla Country Club are nearby. Formerly the Blue Mountain Mall, the 31-acre shopping mall was redeveloped and reopened as Walla Walla Town Center in 2018. The tenant roster includes Planet Fitness, Burlington, Ross, Marshall’s, Pet Smart, Ulta Cosmetics, Hobby Lobby, Famous Footwear, and Sportsman’s Warehouse.
# # #
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
