Business

Lynden shopping center sold for $19.25 million

The Lynden Safeway store on Guide Meridian is the anchor tenant for The Marketplace at Lynden, a retail center that sold earlier this week for $19.25 million.
The Lynden Safeway store on Guide Meridian is the anchor tenant for The Marketplace at Lynden, a retail center that sold earlier this week for $19.25 million. pdwyer@bhamherald.com

A major retail center in Lynden has changed hands, but visitors shouldn’t expect to see any major changes.

The Marketplace at Lynden, which has Safeway as an anchor tenant, was sold by Trimark Lynden LLC to 5th St. Associates LLC of Burlingame, Calif., for $19.25 million. The 70,442-square-foot retail center at 8071 Guide Meridian was built in 2002, according to Sean Tufts and Scott Frank of Capital Pacific, who brokered the deal.

No other changes are expected as a result of the sale of the fully occupied retail center, said Lance Sasser, director of research and analytics at Capital Pacific. Other tenants in the center include Woods Coffee.

It is the largest local taxable sale so far in 2016, said Whatcom County Treasurer Steve Oliver.

Sasser said demand for high-quality retail centers continues to be very strong in the Pacific Northwest.

“Record pricing occurring in core markets like Seattle and Bellevue is translating to positive results on pricing and demand in smaller markets like Lynden,” Sasser said.

Dave Gallagher: 360-715-2269, @BhamHeraldBiz

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