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IN-DEPTH: Madison Marquette buys Seattle mall for $271m

by Andrea Waitrovich

Madison Marquette has paid $271 million, or $849 per square foot, for Pacific Place, a mall in Seattle.

 

THE DEAL

Joint venture partners Pine Street Group and Multi-Employer Property Trust sold the 16-year-old mall. Eastdil Secured represented the sellers. The 1,200-stall underground parking garage is still owned by the city.

 

THE ASSET

The 319,347-square-foot mall was built in 1998. The five-story property is 90 percent occupied. It has more than 50 stores. Pacific Place is anchored by Barnes & Noble and AMC Pacific Place 11, and the shopping center features 45 specialty stores and restaurants, including Tiffany & Co., Michael Kors, Barne

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