Promenade 23 Associates sold the Promenade 23 Shopping Center last week. Weingarten Realty assumed ownership of the complex on March 25th. The Central Area shopping center sold for $18.4 million. The sale marks a new phase in the shopping center’s development.
The Promenade 23 Shopping Center, commonly known as “The Promenade”, straddles both sides of South Jackson Street. Anchored by Starbucks, Walgreen’s and Red Apple Grocery, the complex welcomes much activity at 23rd & Jackson. With most of the neighborhood’s retailers, it is the economic hub of the Central Area neighborhood.
After more than 30 years, Promenade 23 Associates agreed it was time to sell their shopping center. In dealing with several stakeholder turnovers, the investment partners realized they had taken Promenade’s development as far as it would. Promenade 23 Associates built The Promenade’s south side in the 1970’s and expanded north in 1996.
Weingarten Realty is a Real Estate Investment Trust (REIT) based in Houston, Texas. Weingarten is an industry leader in developing and managing neighborhood shopping centers. Weingarten’s property portfolio spans the nation. With the addition of The Promenade, Weingarten now owns five Washington properties between Mukilteo and Puyallup.
George Staggers, CEO of CADA, recently met with a senior vice president of Weingarten. Insightful information was exchanged by both executives regarding the neighborhood and The Promenade. Weingarten’s representative expressed the REIT’s excitement and eagerness in taking The Promenade to its next level of development.
Weingarten will be exploring all options to elevate The Promenade to its highest and best use. Weingarten will review several retailers to recruit and will seek to redevelop The Promenade’s south side. The REIT also looks forward to working with the community during The Promenade’s redevelopment. Staggers did share idea and business suggestions for The Promenade obtained via centraldistrictnews.com.
As Weingarten redevelops The Promenade, should the new owner change the name?
CADA, a non profit community development corporation, works to revitalize the Central Area neighborhood. CADA was an investment partner of Promenade 23 Associates. For more on CADA, www.cada.org.