KING 5: Seattle’s Pacific Place shopping center sold for $66.75 million

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Image Source: KING 5

This story was originally published by KING 5 on May 23, 2024

SEATTLE — Pacific Place shopping center in downtown Seattle, a once full and bustling shopping center, has been sold at a fraction of what it cost the last time it changed owners.

King County records show Pacific Place was sold for $66.75 million, well below the price tag of $271 million when it was last sold in 2014.

While it may seem quiet and there are many vacancies inside the mall, there are more than two dozen storefronts open and ready for business.

The Handmade Showroom is a business inside that has been open since 2015.

“The community that’s around us has been really supportive that we’re here, even though it’s a little hard to find us sometimes. But you know, we keep trying,” said the co-owner Marlo Miyahsiro.

Miyahsiro has seen the changes at Pacific Place over the years and despite recent vacancies inside the mall, she’s staying positive.

“It’s a little disheartening when people say that Pacific Place is empty and dead. But we are still here. And we really need support,” Miyahsiro said.

When Pacific Place opened in 1998 it was busy with 85% of the shopping center full, including a movie theater and dining.

News of the sale this week has been met with optimism by business owners like Miyahsiro.

“It seems like any forward movement is really good,” she said.

Los Angeles based BH properties purchased the mall and it’s unclear what their plans are with the property. Miyahsiro would like to see more independent stores move in next to her.

“Having a hub for small business in the middle of Seattle would just be incredible,” she said. “When there’s a mix of stores, I think it’s more interesting to shop. You know, so that’s, that’s kind of what I’m looking forward to.”

The City of Seattle is optimistic as well.

“Downtown runs on people, and unique retail and cultural experiences are part of what draw people to the heart of our city,” Markham McIntyre, Office of Economic Development director, said in a statement. “Across the country large malls are being reimagined, and Pacific Place has a history of embracing innovative new uses of retail space. The Wonder of Woman Gallery is a prime example of this and has become a key destination for visitors and residents of Seattle. I’m excited about the potential Pacific Place holds and share the optimism of the new owners, BH Properties. I’m looking forward to partnering with them as we all work together toward a revitalized and reimagined Downtown Seattle.”

In a separate statement, the Downtown Seattle Association said BG Properties “is understandable confident about downtown Seattle.”

“We have terrific foundational retail assets in downtown in Pike Place Market and the flagship Nordstrom, and transformational moves like the new world class Convention Center building and the opening of Waterfront Park right around the corner,” the statement continues. “The BH Properties acquisition of Pacific Place and investment in that space could provide a spark for downtown’s retail sector.”