Kitsap Mall

Kitsap Mall is an indoor shopping mall in Silverdale, Washington, United States. Its anchor tenants include JCPenney, Macy's, Dick's Sporting Goods, Kohl's, Barnes & Noble, and Cost Plus World Market with a vacant space last occupied by Sears; it has 110 retail stores total. The mall is managed and owned by Starwood Capital Group.

Kitsap Mall
Logo of Kitsap Mall since mid-2010s
LocationSilverdale, Washington, United States
Coordinates47°39′27″N 122°41′26″W
Opening dateAugust 1, 1985
DeveloperThe Winmar Company[1]
ManagementStarwood Capital Group
OwnerStarwood Capital Group
No. of stores and services110
No. of anchor tenants7 (6 open, 1 vacant)
Total retail floor area848,161 sq ft (78,796.7 m2)[2]
No. of floors1
Websiteshopkitsapmall.com

History

After many years of planning, Kitsap Mall opened on August 1, 1985.[3] As a result, the retail core of Kitsap County was shifted from Bremerton, Washington to the Silverdale area. The mall's original anchors were Lamonts, Sears, and The Bon Marche. Later in the decade, and after much success, Kitsap Mall nearly doubled in size, adding Mervyns in 1988 and JCPenney in the 90's, while The Bon Marche was expanded to the east, nearly doubling its size. In 2000, Lamonts became Gottschalks. The Bon Marche was re-branded under the Macy's name plate, first as Bon-Macy's in 2003, becoming Macy's in 2005. In 2006, Kitsap Mall received a big change as Gottschalks closed down. The building housed Gottschalks was torn down and replaced by a new building, which now houses Barnes & Noble and Cost Plus World Market. In 2007, Mervyns closed down. It has been replaced by a new building for Kohl's. Remodelling of the mall's façade and interior was performed in 2011 through 2012.

In June 2013, Kitsap Mall and its surrounding properties (NorthPoint, Kitsap Place) were bought by Starwood Capital Group from Macerich for around $127 million, of which nearly $77 million was from a loan taken from the Royal Bank of Scotland.[4] Dick's Sporting Goods was added in 2016.

On August 31, 2019, it was announced that Sears would be closing this location a part of a plan to close 85 stores nationwide. The store closed on October 20, 2019.[5]

On May 26, 2021, it was reported that the Kitsap Mall and several adjacent properties would be sold at a foreclosure auction on August 27th of that year.[4] On the day of the planned auction, the auctioneer announced that it would be postponed to September 24.[6] Following the delay, the Kitsap County Assessor appraised the property at $34.5 million against a debt of $74.56 million.[7]

References
  1. Castañeda, Elena (December 2, 1998). "SILVERDALE: Mall may change ownership". Kitsap Sun. E.W. Scripps Company. Retrieved February 20, 2020.
  2. https://www.sec.gov/Archives/edgar/data/912242/000104746907001438/a2175451z10-k.htm
  3. Castañeda, Elena (August 1, 1995). "KITSAP MALL TURNS 10". Kitsap Sun. E.W. Scripps Company. Retrieved February 20, 2020.
  4. Miller, Brian (May 26, 2021). "Kitsap Mall bound for foreclosure". Seattle Daily Journal of Commerce. Retrieved August 23, 2021.
  5. Tyko, Kelly (August 31, 2019). "Kmart, Sears store closings: More locations to shutter by end of 2019". USA Today. Retrieved August 31, 2019.
  6. Lin, Peiyu (August 27, 2021). "Kitsap Mall foreclosure auction gets postponed". Kitsap Sun. Retrieved October 19, 2021.
  7. "Kitsap Mall in Washington State Gets Hammered in Latest Appraisal". Commercial Real Estate Direct. Trepp. October 1, 2021. Retrieved October 19, 2021.
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