San Diego Business Journal

Terramar Buys Washington Retail Center for $35M

Thursday, January 5, 2012

Carlsbad-based Terramar Retail Centers LLC said Jan. 4 that it has acquired a retail center in Bothell, Wash., for $35 million.

A company statement said the 130,786-square-foot neighborhood retail center, known as Canyon Park Place, is anchored by a QFC grocery store and Bartell’s Drug. The center was purchased in an off-market transaction, meaning the property had not been formally listed for sale.

Matthew Smith, Terramar’s vice president of acquisitions, said the center is a dominant grocery-anchored center in a major commercial hub within the Seattle suburb.

“The center has a highly performing grocer and drug store, and its ability to serve the daily needs of the residents of Bothell and workers in the region has allowed it to maintain a solid track record of high occupancy and stability through this recent market downturn,” Smith said.

The seller was a Seattle-based, family investment company that has owned and operated the center since it was developed in 1990.

Terramar is actively expanding its portfolio through acquisitions, new development and redevelopments of retail centers in its core markets in the western United States, the statement said.

Terramar owns and operates 22 retail centers, including Seaport Village and Encinitas Village in San Diego County. Its portfolio includes more than 3.7 million square feet of retail space throughout the West.

-- Lou Hirsh