Lightstone acquires Outlet Collection Seattle in Auburn for 82 million, plans 10 million upgrade

Lightstone has acquired The Outlet Collection Seattle in Auburn from Washington Prime Group for $82 million. The outlet mall spans 920,000 square feet and operates at 98% occupancy, housing prominent retailers such as Nordstrom Rack and Nike. Lightstone plans to invest over $10 million in capital improvements and tenant upgrades to enhance the shopping experience and attract premium tenants. David Lichtenstein, the firm’s chairman and CEO, highlighted the investment's strong potential based on their extensive experience in retail spaces. The mall's management will include industry experts Nicholas King and Michele Dawson, focusing on outlet tenant leasing.

Lightstone has a history of successfully revitalizing retail properties, including its acquisition of Prime Retail for $640 million in 2003. This acquisition is part of Lightstone's strategy to tap into the full potential of well-performing assets. The Outlet Collection Mall is located at 1101 Outlet Collection Way, Auburn WA 98001.