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April 17, 2025

Pacific Place owner is honored

BH Properties acquired downtown's Pacific Place mall and its parking almost a year ago, then paying over $88 million to Madison Marquette (which took a big loss). The mall was then about half empty, owing to the pandemic and continued reluctance of shoppers and workers to return downtown. BH and related firm Hankey Capital, also based in Los Angeles, now describe that as an all-cash deal. Thus, says BH, it was recently bestowed with a CoStar Impact Award. Says the owner of the 335,000-square-foot property, “This award highlights our continued conviction in identifying value-add opportunities in major western states both in urban and suburban markets. Pacific Place represents an opportunity to re-image and restore a well-located retail center along Pine Street, once considered the heart of Seattle's retail community.” Avison Young is the manager and broker seeking to fill the 27-year-old shopping center.




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