- Sale Amount: $12,000,000
- Sale Date: August 2014
- Building Square Feet: 107,394 SF
- Land Area: 327,680 SF
- Zoning: CC
- Location: Federal Way, WA
2120-2210 S 320th Street
Federal Way, WA 98003
SeaTac Plaza had experienced several years of neglect through deferred maintenance, and little to no management. As soon as this property was placed under contract the “mom n’ pop run building” took on a whole new meaning at a rather large scale. The potential upside of the property was undeniable but the amount of work involved was no small task. Situated on the main drag through Federal Way just off the freeway, the location was impeccable.
The AGM Solution:
The property was placed on the market early June 2015, within a few hours AGM submitted an offer and it was accepted. Combining the market knowledge and AGM’s arsenal of investment, leasing & management expertise, the building was the perfect venture for the “AGM Way”. Every due diligence item was meticulously worked through and several leases were coordinated by the buyer prior to closing.
After months of due diligence and negotiations the deal closed in August. Over the following six months, the building went from a neglected aging retail center to an aesthetically pleasing shopping center. As leases expired the negotiations either brought the tenant to a market rent or ended with a vacant space – to which the turnover period has proven to be minimal.
A local investor, leveraging his international ties, was looking for a strong land driven investment in the greater Seattle area. Developing an extensive real estate portfolio in the Puget Sound area this location provided a cornerstone to the investment group.