Simon has agreed to acquire Seattle’s University Village; price and cap rate remain undisclosed.
The acquisition was announced October 30. Commercial Property Executive’s November 2 report describes the 597,600-square-foot open-air center, with more than 100 tenants including Apple, RH Gallery, Crate & Barrel, Lululemon, Aritzia and Din Tai Fung. Closing is expected in the fourth quarter.
Yardi Matrix identifies Sloan Capital Partners as seller. The report, citing Puget Sound Business Journal, says Stuart Sloan has owned the property for more than 30 years.
The property received a $380 million CMBS loan in 2019 with a 3.3% fixed coupon and 2029 maturity, according to the report. Its current outstanding balance and treatment in the acquisition have not been established. Neither assumption nor repayment should be treated as a confirmed transaction term.
The disclosed historic loan is a diligence question, not a current financing quote. Underwriting should establish the actual debt balance and payoff or assumption terms, tenant sales and occupancy, and the purchase price before drawing conclusions about leverage or acquisition yield.
Key Takeaways
- A signed acquisition agreement is not a completed sale. Confirm price and current debt terms before drawing valuation conclusions.
Simon — University Village Agrees To Be Acquired, October 30, 2026 https://investors.simon.com/news-releases/news-release-details/university-village-agrees-be-acquired-simon · Commercial Property Executive — Simon to Acquire Seattle Retail Center, November 2, 2026 · SEC — Historic University Village loan disclosure https://www.sec.gov/Archives/edgar/data/1803858/000153949720000719/n2221_premrktngtsv2-x3.htm · SEC — Historic coupon and maturity https://www.sec.gov/Archives/edgar/data/850779/000153949720000730/n2221-x6_annexa1.htm
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