Lightstone names teams to oversee Seattle-area outlet reinvention
Outlet Collection Seattle is set to undergo big changes after its acquisition.
Retail real estate and private equity firm Lightstone acquired the outlet center located in Auburn, Wash. for $82 million in November, and has now appointed a team of leasing, operations, and marketing veterans to spearhead the reinvention of the property. Lightsone says it plans to invest over $10 million into capital improvements and tenancy upgrades at the property.
Lightstone has brought in FFO Real Estate Advisors to oversee outlet leasing, Spinoso Real Estate Group to oversee property management and big box leasing at the center, which at its acquisition was 98% occupied, and Strategy+Style Marketing Group to create strategic marketing, branding, and digital media programs at the center.
“This is such an experienced and creative team, and we are certain they will make an already strong property even more successful,” said David Lichtenstein, chairman and CEO of Lightstone.
[READ MORE: Construction underway on Yorktown Center redevelopment near Chicago]
Nicholas King, former chief operating officer of Prime Outlets and an investor in Outlet Collection Seattle, will provide strategic oversight. The former Prime Outlets and Paragon Outlets teams, including King, FFO Realty Advisors and Karen Fluharty, founder and chief strategist at Strategy+Style Marketing Group, held senior positions and worked closely together at Prime Retail.
Opened in 1995 as the SuperMall of the Great Northwest and renamed in 2012, Outlet Collection Seattle offers more than 900,000 sq. ft. of retail, including Nordstrom Rack, Best Buy, Dave & Busters, and Burlington, as well as market-exclusive brands and local specialty shops.
Headquartered in New York City, Lightstone is active in 27 states across the country, developing, managing, and investing in all sectors of the real estate market, including residential, hospitality, commercial, and retail. It operates 219 existing properties worth over $9 billion in total.
