{"id":1004036132,"date":"2012-01-31T07:07:51","date_gmt":"2012-01-31T15:07:51","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004036132"},"modified":"2022-12-09T02:20:25","modified_gmt":"2022-12-09T10:20:25","slug":"clarion-grabs-187-ksf-washington-state-retail-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/clarion-grabs-187-ksf-washington-state-retail-center\/","title":{"rendered":"Clarion Grabs 187 KSF Washington State Retail Center"},"content":{"rendered":"

January 31, 2012<\/strong>
\nBy Nicholas Ziegler, News Editor<\/em><\/p>\n

Capitalizing on what will likely be a strong year for retail<\/a>, Clarion Partners has acquired a 187,000-square-foot shopping center in Covington, Wash., for $31 million. The purchase was made on behalf of one of the firm\u2019s clients.<\/p>\n

\u201cCovington is a highly desirable, family-oriented town with strong employment and household growth,\u201d Stephen Latimer, a managing director at Clarion, said. \u201cWith its outstanding list of tenants and attractive location, the center is well positioned to take advantage of the expanding retail sales and improving economic fundamentals anticipated for the area.\u201d<\/p>\n

According to a third-quarter 2011 report by services firm Marcus & Millichap Real Estate Services Inc., Latimer\u2019s sentiments are correct. Leasing velocity has been increasing rapidly in the entire Seattle-Tacoma market, with core areas leading the way but with suburban locations also seeing the benefits of growth. \u201cIn the past 12 months,\u201d the report noted, \u201cinstitutional and high-net-worth buyers resumed multi-tenant acquisitions, targeted core-anchored centers.\u201d The area\u2019s addition of 48,000 jobs through 2011 \u2013 led by the tech sector \u2013 increased payrolls by an average of 2.9 percent.<\/p>\n

The shopping center is 98 percent leased, and Home Depot serves as the anchor tenant. Other tenants include Bank of America, Verizon Wireless, UPS, International House of Pancakes, and Remax, as well as numerous local businesses. Annual income averages over $90,000 within five miles of the property. In addition to the center, Covington is home to a number of national retailers, and acts as a retail hub for the surrounding region. New construction in the area is generally limited by high design standards and a lack of developable land parcels.<\/p>\n","protected":false},"excerpt":{"rendered":"

Capitalizing on what will likely be a strong year for retail, Clarion Partners has acquired a 187,000-square-foot shopping center in Covington, Wash., for $31 million.<\/p>\n","protected":false},"author":1201,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21749,15],"tags":[],"class_list":["post-1004036132","post","type-post","status-publish","format-standard","hentry","category-investment","category-latest","category-retail","category-west"],"acf":[],"yoast_head":"\nClarion Grabs 187 KSF Washington State Retail Center - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/clarion-grabs-187-ksf-washington-state-retail-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Clarion Grabs 187 KSF Washington State Retail Center\" \/>\n<meta property=\"og:description\" content=\"Capitalizing on what will likely be a strong year for retail, Clarion Partners has acquired a 187,000-square-foot shopping center in Covington, Wash., for $31 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/clarion-grabs-187-ksf-washington-state-retail-center\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-01-31T15:07:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:20:25+00:00\" \/>\n<meta name=\"author\" content=\"Nicholas Ziegler\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/clarion-grabs-187-ksf-washington-state-retail-center\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/clarion-grabs-187-ksf-washington-state-retail-center\\\/\"},\"author\":{\"name\":\"Nicholas Ziegler\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/ff3a837f33daecfcf8978b405eaae20c\"},\"headline\":\"Clarion Grabs 187 KSF Washington State Retail Center\",\"datePublished\":\"2012-01-31T15:07:51+00:00\",\"dateModified\":\"2022-12-09T10:20:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/clarion-grabs-187-ksf-washington-state-retail-center\\\/\"},\"wordCount\":272,\"commentCount\":0,\"articleSection\":[\"Investment\",\"News\",\"Retail\",\"West\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/clarion-grabs-187-ksf-washington-state-retail-center\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/clarion-grabs-187-ksf-washington-state-retail-center\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/clarion-grabs-187-ksf-washington-state-retail-center\\\/\",\"name\":\"Clarion Grabs 187 KSF Washington State Retail Center - 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