CenterSquare Acquires Seattle-Based Service Property – The Farm at Mill Creek

June 2023

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.