We are pleased to announce the expansion of our Essential Service Retail (“ESR”) strategy into the Pacific Northwest with the acquisition of The Farm at Mill Creek, a 38,112 square foot Service Property located in Mill Creek, WA, a Seattle WA submarket. The Service Property is located within a newly constructed master planned community that includes over 500 multifamily units. The Farm at Mill Creek will have the highest combination of 3-mile demographics within CenterSquare’s ESR portfolio, boasting a population of 115,000 and average income of $147,000. The Property is located on the highly trafficked 132nd St SE, which sees in excess of 31,000 vehicles per day and serves as a major thoroughfare, connecting Mill Creek residents to Interstate 5 and downtown Seattle. This is CenterSquare’s 34th ESR acquisition nationally and its first in the Seattle market.
The Service Property is high quality construction with 100% of tenants being multi-location operators. Tenants include Amazon Go, Carbon Health, Xfinity, and Pure Barre. This investment was made on behalf of a joint venture by our Essential Service Retail team, and aligns with our strategy of targeting unanchored, high quality Essential Service Retail centers in strong demographic submarkets.