BH Properties Acquires Premier 335,000 SF Pacific Place Urban In-Fill Shopping Mall in Seattle, WA
Transaction Follows the April 2024 Purchase of the Olympic Block Mixed-Use Office Building in Pioneer Square
Seattle, WA—May 20, 2024–BH Properties, a vertically integrated, value-add real estate investment company, continues to add to its Pacific Northwest portfolio with the acquisition of Pacific Place, a 2.08-acre, 335,000-square-foot upscale entertainment and shopping center in the heart of downtown Seattle. Strategically located at 6th Avenue and Pine Street between the Seattle Convention Center and the famed Pike Place Market, Pacific Place boasts five floors of retail space, the uppermost of which features an 11-screen AMC Theatre and various restaurants. Avison Young will continue to work with BH Properties to lease and manage Pacific Place.
Developed in 1998, the regional indoor shopping mall received a multimillion-dollar renovation in 2019 and attracted top-tier national brands, including Tiffany & Co, AMC Theaters, Din Tai Fung, Haidilao, and others. Directly connected via skywalk to the adjacent Nordstrom Flagship store, Pacific Place is considered downtown Seattle’s premier shopping center and includes a 1,164-stall below-grade parking garage with capacity to serve both the property and surrounding community.
With the mall’s current occupancy at roughly 45%, BH Properties plans to attract local, regional, and national retailers to deliver a first-class shopping experience with a uniquely Seattle flavor. The firm’s new Managing Director of Retail, Greg Sullivan, will lead the transformation efforts.
“This acquisition marks a significant step in our retail growth and is exactly the reason we brought aboard a retail leader of Greg’s caliber,” said Jim Brooks, president of BH Properties. “Downtown Seattle is deserving of a first-class shopping and dining destination and Pacific Place’s location boasts all of the economic and demographic support required to restore it as Seattle’s premier shopping experience.”
Pacific Place is strategically positioned to benefit in the long term from its location within the Pike/Pine retail corridor. Its adjacency to Amazon BlueShift’s new Downtown Seattle office and it’s new grand entrance fronting the booming tech presence on Denny Triangle combine to provide invaluable support for the firm’s leasing plans.
“We’re excited to work with BH Properties to bring new and exciting retailers and events that build upon our current base of tenants so that Pacific Place shines as a vibrant community hub of retail, entertainment, and dining,” said Heather Almond, Principal, Senior Director US Retail Services. “Pacific Place is in a great downtown location with the best parking garage and easy access to enjoy a variety of attractions like the adjacent Nordstrom and Pike Place Market. We look forward to working with BH Properties to reestablish Pacific Place as downtown Seattle’s premier destination of commerce, culture, and community.”
Headquartered in Los Angeles, CA, with six regional offices, BH Properties has been ramping up its PNW presence, including the April 2024 acquisition of the iconic 75,000-square-foot Olympic Block mixed-use office building in Pioneer Square. With the Park Place acquisition, the Company owns and operates nearly 10 million square feet across 16 states.
About BH Properties
Founded 30 years ago, privately held BH Properties (https://www.bhproperties.com) is a vertically integrated real estate investment company focusing on the acquisition and management of a geographically and product diverse portfolio of assets. The Los Angeles-based company, with six regional offices in San Francisco, Phoenix, Dallas, Houston, Seattle and Riverside, CA, continues to focus on value-add transactions, distressed debt, gap financing, and ground leases.
About Avison Young
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2023 winner of the Canada’s Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 12 consecutive years.
