Super again? Area mall gets new owner with plans to ‘enhance the shopping experience’
A New York-based real estate development and investment firm is adding the outlet mall in Auburn to its portfolio, with plans to spend millions in improvements.
Lightstone announced Thursday it had acquired The Outlet Collection Seattle from Washington Prime Group of Columbus, Ohio, for $82 million.
The site is at 1101 Outlet Collection Way in Auburn.
Lightstone also announced the 920,000-square-foot enclosed mall will undergo a “$10 million capital improvement program to enhance the shopping experience for customers,” according to its release.
“This planned investment in The Outlet Collection Seattle will focus on enhancing the overall shopping experience, attracting high quality tenants, and addressing deferred maintenance of the property,” Lightstone said in its release.
“Having spent years building a premier portfolio of retail and outlet spaces across the country, we have a deep understanding of the market and we know how to identify, nurture, and enhance well-performing assets,” said David Lichtenstein, chairman and CEO of Lightstone, in Thursday’s release.
He added that his firm sees “tremendous opportunity in this investment, and are looking forward to tapping into its full potential.”
The site is almost at 100 percent occupancy, with tenants including Nordstrom Rack, Burlington, Best Buy, Dave & Busters, Polo Ralph Lauren, Kate Spade, Ulta, Coach, Nike, Adidas, and Michael Kors.
This is not Lightstone’s first outlet-center investment. It also owns three outlet centers jointly with Simon Property Group, including Norfolk Premium Outlets in Norfolk, Virginia, Twin Cities Premium Outlets in the Minneapolis area, and Gloucester Premium Outlets in the Philadelphia area.
Simon, which owns and operates the Tacoma Mall, is not involved in Lightstone’s Auburn outlet-center acquisition.
The Auburn site opened in 1995 as SuperMall of the Great Northwest. The site completed a $35 million renovation in 2013 and rebranded as The Outlet Collection Seattle.
In summer 2021, site owner Washington Prime Group filed for Chapter 11 bankruptcy, blamed on the COVID-19 pandemic and business shutdowns. It announced completion of its financial restructuring later that year.
The mall was in the news earlier this week when a reported drive-by shooting Nov. 17 outside the center’s Dave & Buster’s sent one man to the hospital with non life-threatening injuries.
