The mall last sold in 2014 for a much higher price of $271 million.
SEATTLE — The once-packed and bustling Pacific Place shopping center in downtown Seattle has been sold for a fraction of the price it cost when it last changed ownership.
Pacific Place sold for $66.75 million, according to King County records, well below the $271 million it was sold for when it last sold in 2014.
While the mall appears quiet and many of the storefronts vacant, there are more than 20 businesses waiting to open.
The Handmade Showroom is a storefront business that has been operating since 2015.
“Sometimes it's a little hard to find us, and the community around us has really been supportive of us being here, but we keep trying,” co-owner Marlo Miyashiro said.
Miyashiro has seen Pacific Place change over the years, but remains positive, despite some recent vacancies at the mall.
“It's a little disheartening when people say Pacific Place is empty and lifeless, but we're still here and we really do need help,” Miyashiro said.
When Pacific Place opened in 1998, it was a huge success, with the shopping center, which included a movie theater and restaurants, 85% full.
News of the sale this week has been met with optimism among business owners like Miyashiro.
“Any progress seems like a really good thing,” she said.
Los Angeles-based BH Properties has purchased the mall, but it's unclear what they plan to do with the property, and Miyashiro said he would like to see more independent stores move into the mall next door.
“I think it would be really great to have a small business hub in downtown Seattle,” she said. “I think a mix of stores would make shopping more interesting, so that's something I'm looking forward to.”
The City of Seattle is also optimistic.
“Downtown runs on people, and unique retail and cultural experiences are one of the things that draw people to the heart of our city,” Economic Development Director Markham McIntyre said in a statement. “As big-box shopping malls across the country are being reimagined, Pacific Place has a history of incorporating innovative new uses for retail space, with Wonder of Woman Gallery being a prime example, making it a key destination for Seattle visitors and residents alike. We're excited about the potential for Pacific Place and share the optimism of its new owners, BH Properties, and look forward to partnering with them as we all work together to revitalize and re-envision downtown Seattle.”
In a separate statement, the Downtown Seattle Association said BG Properties is “rightly confident in Downtown Seattle.”
“Downtown is home to incredible anchor retail assets like Pike Place Market and flagship Nordstrom, as well as nearby transformational developments like the world-class new convention center building and the opening of Waterfront Park,” the statement continued. “BH Properties' acquisition of and investment in Pacific Place has the potential to galvanize the downtown retail scene.”
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