Investment Manager Buys Edmonds Shopping Center

EDMONDS

San Francisco-based investment manager AMB Institutional Realty Advisors Inc. has purchased the Aurora Marketplace Shopping Center in Edmonds.

The 110,000-square-foot shopping center, at Highway 99 and 238th Street S.W., is anchored by a 50,000-square-foot Safeway and a 25,000-square-foot Drug Emporium and is 96 percent leased.

The new center, constructed by Gramor Development N.W., was completed in July 1991.

"This acquisition is consistent with our philosophy of purchasing well-located, high-quality real estate in supply-constrained markets," said Myles Friel, an AMB vice president responsible for acquisitions.

AMB purchases commercial real estate as an investment manager for pension funds, family trusts and corporate investors. The company disclosed neither the selling price of the center nor the name of the organization for which it made the purchase.