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Retail mogul expands downtown
By PAT JENKINS
The SeaTac Village shopping center in Federal Way has been bought for $25.4 million by a company that now controls three of the most prominent retail sections of downtown.
Harsch Investment Properties, based in Portland, Ore., already owned Pavilion II Centre and Ross Plaza. With its new acquisition, the company has a combined 500,000 square feet of what it considers prime retail space.
SeaTac Village "increases our regional holdings in one of the strongest retail markets in the Puget Sound area, said Jordan Schnitzer, president of Harsch. He noted the center is near the intersection of South 320th Street and Pacific Highway South, where an average of more than 92,000 vehicles pass each day.
Harsch officials said they're attracted to Federal Way because of its projected economic growth over the next five years a 6.6 percent annual population increase and a 17.2 percent rise in incomes.
SeaTac Village's 164,369 square feet of stores is fully leased. Tenants include Old Navy, Linens N Things, Borders Books, TJ Maxx, Old Country Buffet, Big 5 Sporting Goods, Sterling Savings and Rainier Pacific Bank.
James Pate, senior vice president, said SeaTac Village "works well with our other two shopping centers across the street and allows for future flexibility with all our tenants.
Pavilion II, whose major tenants include Best Buys, covers 126,689 square feet. Ross Plaza, which includes Ross Dress for Less and Rite-Aid, is at 190,000 square feet but will expand to 215,000.
Plans for the Ross Plaza expansion haven't been formally announced, but officials said changes will give it a new look. Similar redevelopment was done last year at Pavilion II.
Harsch's total retail portfolio exceeds 2.9 million square feet in seven states. It also has office and industrial properties and more than 2,700 multi-family housing units.
The previous owner of SeaTac Village was a limited liability corporation with the same name. The selling price was $25,450,000.
Editor Pat Jenkins: 925-5565, firstname.lastname@example.org