The Hazel Dell Towne Center shopping complex has been sold to Transnational Management for $28.8 million, according to a press release from commercial real estate company CBRE, which brokered the transaction. The center is currently about 87 percent leased, according to CBRE.
The 264,000-square-foot development at 8801 N.E. Hazel Dell Ave. was built in the mid-2000s and is on the west side of Interstate 5, about halfway between the interchanges with Northeast 78th Street and Northeast 99th street.
It was previously owned by a partnership managed by real estate company Pine Tree, according to CBRE. The shopping center is anchored by Kohl’s and is home to several other big-name retailers including Office Depot, Petco and Party City.
CBRE also described it as being “shadow anchored” by Target, referring to the fact that the adjacent Target building and parking lot are separately owned by Target but are presented as being part of the same shopping center.