Seattle, WA
Ground up Development that opened in 2009 and managed by TRF until its sale
Grocery-anchored Shopping Center
100% Leased
Restoring Relationships, Anchoring Communities
Developed over the course of two years in a transitioning industrial area of Seattle, TRF in partnership built this grocery anchored center that opened in 2009. 2008 is memorable for the collapse of the US economy which nearly did the same for the project. While it has ultimately become a successful project, the economic challenges of 2008 led the anchor Tenant to attempt to cancel the Lease within months ahead of the landlord making delivery.
A cancelled major tenant lease is a construction loan default. TRF turned an initially adversarial relationship with the tenant into a cooperative one and worked diligently with them to find a solution. This included modifying the electrical service, adding doors, etc. to help reduce the footprint of the store to a more manageable size for the anchor making it easier for the anchor to sublease the remainder of the building.
The result: The lease was restored, the tenant accepted delivery and the project was completed. This turned out as a successful location for the anchor tenant and the surrounding small shops. Commercial development is never easy or without risk, but some add more gray hair than others.
