The Shops at The Bravern have been sold, according to the Puget Sound Business Journal. The report states that Ashkenazy Acquisition Corp., a firm out of New York City, has purchased the shopping center for $79 million. Schnitzer West, the seller and developer of The Bravern, put the center up for sale in November 2011.
Ashkenazy Acquisition Corp. is not new to luxury properties. Some of their other investments include properties Faneuil Hall Marketplace in Boston, Union Station in Washington D.C., Barneys New York, 25 East Oak in Chicago’s “Miracle Mile,” Madison Avenue, and more.
According to the report, Schnitzer West’s Tom Woodworth said there were 91 potential buyers that had registered to receive information about the complex.
The Bravern is currently 87% leased, with about 13 retail spaces available. No changes for The Bravern have currently been reported.
This means that the retail shops, office building, residenstial towers and the parking lot are all owned by different companies.
Isn’t that a very small price to pay for a shopping center?
It could be. The shopping center does consist of only a few floors vs. being a tower.
Damn. I was hoping they’d replace Louis Vuitton with a Dick’s burger joint. Oh well.
Maybe now they can get some better stores to open there…
With the ugly monstrosity that is the 8th St 405 junction next to it, I cannot imagine it ever being a highly visited shopping destination. Still, I am surprised it fetched such a low price tag. I guess if it is just the retail shops, it may be reasonable.
I hope this new owner can do better than the current one in how this property is marketed and managed. They should be more open to diversifying the shops and retailers here. The entrance and exiting from the parking garage is a mess; there is not much that can be done about that, but there is room for MASSIVE improvement.
SERIOUSLY!!!??? And someone was agreeing to buy the Bellevue Galleria last year for $87 million??? The Galleria is a s-hole compared to the shops at the Bravern!!! The Galleria sale didn’t even go through last year. It appears the buyers backed out because the current owner was/is having some conflicting lease issues with Sky Lounge and Bungie. Bye bye $30M! The owners of the Galleria will never get anyone agreeing to that much again! HAHA. Hope the Bravern gets some more affordable stores to mix in with what is there.
The point of the Bravern is to be high end!! There is no way they could compete with Bell Square if they brought in more diverse/average stores. Bell Square has free parking all day, better options in stores & restaurants, and is right in the middle of the city and all it has to offer. I agree with Kellie, the property was horribly marketed. They could also improve there customer service at the stores there by allowing employees to park on site. As a hiring manager, that kind of rule attracts less then steller employees.
I feel that there is a lot than can be done to improve this shopping center. Having a more diverse set of retailers to start. I agree that the customer service in most of these stores is down right AWFUL. I go into stores to spend, but I have left empty handed on purpose due to the lack of service and surplus of pretentious attitudes. On a Saturday this place is a ghost town with sales associates with no service skills. I wouldn’t be surprised if more closes here.. I’ll be at Bellevue Square or downtown Seattle.
maybe topshop will come in! #hopeful
Agree that they have to stay high end. Retail has reached a fork in the road with three choices, high-end/niche specialty shops, Costco/Walmart or online. Dan is a great guy, Schnitzer West built a fantastic property (in the wrong part of the cycle) but having experienced retail oriented ownership come on board will be the salvation of the whole Bravern I believe.