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The Commons mall nets investment from Magic Johnson
The Commons at Federal Way received an assist from an investment company whose partners include NBA legend Magic Johnson.
L.A.-based Canyon-Johnson Urban Funds is supplying the cash to owner Steadfast Companies to help renovate both The Commons and The Everett Mall, according to an announcement Wednesday.
The amount of money invested by Canyon-Johnson has not been disclosed.
"We are confident that the infusion of capital at this critical time for both regional malls will help them achieve their potential. These are exceptional retail assets," said Canyon-Johnson CEO and Managing Partner Bobby Turner in a news release.
Formerly known as Sea-Tac Mall, The Commons at Federal Way was purchased by Steadfast in 2003 and measures about 783,299 square feet. The renovation will help the mall bring tenants that fill 65,000 square feet of space.
“With Canyon-Johnson’s involvement, we have the resources to bring new shopping, dining and entertainment options to both properties,” said Steadfast Chairman and CEO Rod Emery in a news release.
The Mirror has also learned that a deal is in the works to bring a Kohl's department store to the mall. No official announcement has been made.
According to the Everett Herald, Steadfast Companies defaulted on a $98 million mortgage for the Everett Mall in March 2012. At the time, the mall was about 18 percent vacant.