Simon to Acquire Seattle Retail Center

November 2, 2026

Retail Investment News Seattle More West

Built in the 1950s, the property totals nearly 600,000 square feet.

A subsidiary of Simon Property Group has entered into an agreement to acquire University Village, a 597,600-square-foot open-air retail center in Seattle, for an undisclosed amount. Sloan Capital Partners is the seller, according to Yardi Matrix.

Stuart Sloan, the former owner of the QFC supermarket chain, has owned University Village for more than 30 years, according to the Puget Sound Business Journal.

In 2019, University Village received a $380 million CMBS loan for the shopping center, Yardi Matrix shows. The loan had a 3.3 percent fixed interest rate and a 2029 maturity date.

University Village opened in 1956 as an approximately 300,000-square-foot center at 2601 NE 46th St., north of downtown near the University of Washington. At its current size, it features more than 100 businesses and services, including Apple, RH Gallery, Crate & Barrel, Room & Board, Sézane, Lululemon, Aritzia, Vuori and Din Tai Fung.

The transaction is expected to close in the fourth quarter.

Recent Simon activity

In April, the company and joint venture partner Invesco Advisers planned to obtain a $750 million CMBS loan for The Shops at Crystals, a 291,196-square-foot retail property in Las Vegas.

Wells Fargo, Bank of America and Goldman Sachs were to originate and sell the interest-only, fixed-rate, 5.2 percent note, due to mature in 2031.

Earlier in the year, Simon and TIAA locked in a $615 million loan for The Florida Mall, a 1.7 million-square-foot super-regional mall in Orlando that’s the largest shopping center in Central Florida. Bank of America, German American Bank, Société Générale, BNP Paribas and PNC Bank co-originated the two-year note with three one-year extension options.

The retail real estate market in the Puget Sound region held fairly steady as of the third quarter, according to a report from Kidder Mathews, with positive net absorption balancing moderating leasing activity. King County saw the metro’s highest direct vacancy, at 4.8 percent.