Pacific Place Shopping Center in Downtown Seattle Sold for Fraction of Previous Price

Pacific Place shopping center in downtown Seattle has been sold for a fraction of its previous price, with records showing a sale price of $66.75 million, significantly lower than the $271 million it was sold for in 2014. Despite recent vacancies, there are still more than two dozen storefronts open for business, including the Handmade Showroom which has been operating since 2015.

Co-owner Marlo Miyahsiro remains optimistic about the future of Pacific Place, stating, “It’s a little disheartening when people say that Pacific Place is empty and dead. But we are still here. And we really need support.” The recent sale to Los Angeles based BH Properties has sparked hope among business owners like Miyahsiro, who would like to see more independent stores move in next to her.

The City of Seattle and the Downtown Seattle Association are also optimistic about the potential of Pacific Place, with the Office of Economic Development director stating, “Downtown runs on people, and unique retail and cultural experiences are part of what draw people to the heart of our city.” The BH Properties acquisition of Pacific Place is seen as a positive move that could provide a spark for downtown’s retail sector.

With plans for reimagining the space and potentially bringing in more independent stores, the future of Pacific Place is looking bright. Stay tuned for more updates on this revitalization project in the heart of downtown Seattle.