Redevelopment is Underway to Reimagine the Mall with ULTA and At Home as Anchor Tenants
After starting demolition earlier this year, property owner Brixton Capital has signed leases with two major retailers to occupy the former Sears building on the west side of Everett Mall. At Home Stores LLC will make its debut at the mall. Existing tenant ULTA Beauty will also move into the remodeled space.
Brixton Vice President of Leasing Eric Li said, “We’re excited to showcase such popular stores as part of the first phase of our redevelopment of Everett Mall. We are in active lease negotiations with additional anchor and junior anchor tenants which will further enhance the overall shopping experience for the Everett community.”
Upon completion of the redeveloped, one-story building, At Home Stores will occupy approximately 85,000 square feet and ULTA will take 10,000 square feet. The mall is located at 1302 SE Everett Mall Way, Everett, Washington and will be redeveloped in three phases.
City of Everett Economic Development Director Dan Eernissee said, “Now more than ever, people realize the importance of human connection and high-quality gathering spaces. We’re glad to see Everett Mall receiving a makeover that will improve its shopping, entertainment and recreation experiences.”
Brixton purchased Everett Mall in 2017 and has worked closely with the city to identify a redevelopment plan that would create a vibrant retail and entertainment center.
Brixton Capital Vice President Justin Long said, “Everett Mall was last redeveloped in 2004. These new tenants are just the first element of a total makeover of Everett Mall that will make the property more relevant to the tastes of today’s shopper. In addition to replacing the former department store anchors of Sears and Macy’s, we will be adding additional uses and tenants that respond to the community’s needs.”
Mattis Partners represented Brixton Capital in the lease deals. Real Retail represented At Home Stores, and Northwest Retail Partners represented ULTA.
Store opening dates are not yet determined. Entitlement and redevelopment work is ongoing. Bayley Construction is the general contractor for the project and MG2 is providing architectural services.
About Brixton Capital
Brixton Capital is a preeminent private real estate investment firm that seeks to generate outstanding, risk-adjusted returns by unlocking embedded value in commercial real estate transactions spanning all property types. Headquartered in San Diego County’s Solana Beach, California, Brixton is led by a team of seasoned commercial real estate experts with an average of more than 25 years of experience. Brixton currently owns and operates a portfolio valued in excess of $1 billion, representing over 10 million square feet of retail, multi-family, office and land investments across the United States and Europe. For more information, visit www.brixtoncapital.com.