First Washington Realty has acquired Evergreen Village, a 123,562-square-foot grocery-anchored community shopping center in Bellevue, Washington. The financial terms of the transaction were not disclosed.
The acquisition expands First Washington Realty’s Pacific Northwest portfolio to approximately 2.3 million square feet and increases the company’s presence in Bellevue’s Eastside submarket.
Evergreen Village is anchored by a Safeway supermarket that has served the Bellevue community for more than 50 years. The center also includes a mix of fitness, recreation, dining and service-oriented tenants.
Major tenants include Edgeworks Climbing, Puetz Golf Superstore and Starbucks. First Washington Realty said the combination of grocery, fitness and dining businesses generates consistent traffic from the surrounding community.
The property is located in one of the Pacific Northwest’s most established retail corridors. Its position in Bellevue provides access to a dense and affluent customer base within a rapidly growing area.
Evergreen Village is also located near major employers such as Microsoft, Amazon, Meta and T-Mobile. The surrounding Eastside market includes a significant concentration of technology and biotechnology companies.
First Washington Realty believes the area’s employment base, demographics and barriers to new development support the shopping center’s long-term value.
Grocery-anchored shopping centers have remained an important focus for real estate investors because supermarkets and other necessity-based businesses tend to generate recurring customer visits.
These properties can also provide opportunities for complementary tenants such as restaurants, fitness operators, personal services businesses and specialty retailers that benefit from regular grocery traffic.
First Washington Realty plans to pursue near-term leasing opportunities at Evergreen Village while positioning the property for long-term performance.
The firm focuses on acquiring and operating grocery-anchored and necessity-based open-air shopping centers in markets supported by strong population and income characteristics.
As a vertically integrated owner and operator, First Washington Realty manages investments internally across acquisition, leasing, property operations and asset management.
The company’s national portfolio includes 138 open-air properties totaling more than 21.5 million square feet across 21 states and Washington, D.C.
First Washington Realty owns interests in and manages approximately $9 billion in real estate assets.
KEY QUOTE:
“Evergreen Village is exactly the kind of property we look for. It’s a grocery-anchored center in a well-established neighborhood, and Safeway has been serving the Bellevue community for over 50 years. That kind of staying power says a lot. We’re excited about what we can do here, in terms of both near-term leasing and the long-term strength of the market.”
Sarah Ellis, Managing Director of Investments at First Washington Realty
