crefeed.com | Faris Lee brokers $32.5M sale of mall in Washington

1/15/2008

Faris Lee brokers $32.5M sale of mall in Washington

Mr. Walter

Wenatchee Valley Mall

Irvine, Calif.-based Faris Lee Investments negotiated the sale of the Wanatchee Valley Mall in East Wanatchee, Wash.

Richard Walter, president of Faris Lee Investments, represented both buyer, Los Angeles-based Vintage Capital Group, LLC and seller, PASSCO Companies of Irvine, Calif., in the $32 million deal.

The Wanatchee Valley Mall is situated on 28 acres in East Wenatchee, Wash., about 150 miles east of Seattle, in the middle of the state. The Wenatchee Valley is home to around 210,000 people and is a popular tourist destination.

The mall was 92 percent occupied at the close of escrow with Macy's, Sears, Bed Bath & Beyond and Ross Dress for Less anchoring the property. Also among its 56 stores are GNC, Pac Sun, Wells Fargo Bank and Foot Locker.

The building was constructed in 1978 and renovated in 2000.

A 35-year veteran of the real estate business, Mr. Walter was recently featured in crefeed.com's Five Questions With...

Address: 511 Valley Mall Parkway, East Wanatchee, Wash.

Size: 339,725 square feet

Built: 1978

Filed Under: Retail

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