Published June 2002

Everett Mall Plaza
has new owner

Herald Business Journal Staff

A shopping center across the street from the Everett Mall has switched owners, with a California company paying more than $19 million for the property.

ACF Property Management of Sherman Oaks, Calif., recently bought the Everett Mall Plaza, located on the north side of Everett Mall Way.

Michigan-based CAPROC Inc. was the seller. Formerly known as Capozzoli Advisory for Pensions, it had owned the shopping center since 1991.

Everett Mall Plaza was built in 1985, according to county records.

With 123,000 square feet of retail space in nine buildings, the plaza hosts big tenants such as Toys R Us, Michael’s and Petco, as well as several chain restaurants and numerous strip mall spaces. There are no sizable vacancies in the center right now, said ACF’s Ed Delava.

Lease rates in the plaza vary between $14 and $22 per square foot per year, according to commercial real estate listings. That compares to an overall range of about $11 to more than $25 in the south Everett area.

Delava said this is ACF’s first retail acquisition in Everett, but the company is not a stranger to Snohomish County. In the 1990s, ACF owned 10 apartment complexes in the Puget Sound area, including four in Everett. Three years ago, ACF sold those apartment holdings as the company’s owner looked to diversify.

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