Washington mall sold through 1031 exchange

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Faris Lee Investments recently negotiated the sale of Everett Mall, a 673,000-square-foot shopping mall in Everett, Wash. The value of the transaction was $56.5 million. The property was sold by New York-based The Equitable Life Assurance Society of the United States (Equitable), advised by Morgan Stanley, to Steadfast Cos., a development company headquartered in Newport Beach, Calif., as a 1031 exchange. Through its affiliate office in New York, headed by Tim Baydala, David Lee of Faris Lee Investments was the broker representing the transaction. Built in 1973, Everett Mall was 21 percent occupied at the time of sale, with tenants such as Sears, The Bon Marché and Mervyn's, as well as 115 specialty retailers and services and a 12-unit food court. The new owner is planning a $30 million expansion, to be called Everett Village, which will include development of a movie theatre and more than 100,000 square feet of power center retailers. Development of Everett Village is expecte...