Shops at Burlington

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Written By Mike King

Our team recently sold the Shops at Burlington, a 185,230-square-foot outlet center. Almost everyone we talked to was familiar with the property. It is hard to miss a 19-acre property along Interstate 5. Most everyone had a story of a time they had visited the outlet mall over the course of its 30-year existence.

Four of the five biggest tenants (Nike, Lululemon, Coach, and Pendleton) vacated or gave notice to vacate from the beginning of the assignment to closing. It was clear this property needed a new plan. Traditional retail owners had no interest in a functionally obsolete outlet mall.

The majority of the interest was from multifamily developers with mixed-use development plans. We had numerous competitive offers and closed with an all-cash buyer on a short timeline. I’m looking forward to seeing what the new owner comes up with to revitalize the property.