Shoreline Strip Center

Property Overview

The Shoreline Strip Center is a 7,002 SF unanchored retail strip center built in 1980, located at 15407 Westminster Way N in Shoreline, WA. The property is 100% leased to five service-based tenants, including hair, lash, and dry cleaning operators, and sits inline to a Town & Country grocery store.

Challenge

The seller's goal was to complete a sale as part of an estate planning strategy. While the property was fully occupied with stable, service-based tenants, the center's below-market rents and the presence of seller financing as an offering point reflected the need to attract the right buyer profile. The surrounding area was in active transition, with Shoreline Place, a new mixed-use development on the former 17-acre Shoreline Sears site, under construction nearby. Communicating that development context clearly was central to positioning the asset.

Action

Our team marketed the property on-market, emphasizing the combination of full occupancy, grocery shadow anchoring, and the path-of-progress story tied to Shoreline Place. At full build-out, that development is projected to include nearly 1,500 multifamily residences and more than 56,000 SF of new shops and restaurants. We highlighted the below-market rent structure as an upside opportunity for investors as leases roll over, and we made seller financing available to qualified buyers to broaden the pool of prospective purchasers.

Result

• Sold for $3,100,000 ($443/SF) at 100% occupancy
• Identified an all-cash buyer completing a 1031 exchange
• The buyer was assembling adjacent properties for future redevelopment, making this asset a strategic fit
• Transaction closed without a financing contingency, providing the seller with a clean execution aligned with their estate planning objectives