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Phillips Edison & Company Acquires Surprise Lake Square Retail Center In Milton For $41M

Property Image
SOLD
$41,000,000

Washington

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Retail139,605 SF
Sold 10/31/2025
the dealdetailscomps
Property Image
SOLD

Phillips Edison & Company Acquires Surprise Lake Square Retail Center In Milton For $41M

900 Meridian Avenue East

See Similar Deals
Retail139,605 SF
Sold 10/31/2025
the dealdetailscomps

Summary

WASHINGTON
Asset Type:Retail
Price Per Square Foot:$293
Total Square Footage:139,605 SF
Transaction Type:Sale

Phillips Edison & Company has acquired a retail center located at 900 Meridian Avenue East in Milton, WA. The property, known as Surprise Lake Square, consists of 139,605 square feet and was sold for $41,000,000. The center, which was built in 1984 and renovated in 2007, has a current leasing status of 85%, featuring tenants such as Grocery Outlet, Dollar Tree, and Mod Pizza.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $41,000,000
  • Square Footage: 139,605
  • Address: 900 Meridian Avenue East
  • Market: Milton, WA
  • Price per Square Foot: $294
  • Buyer: Phillips Edison & Company
  • Seller: Tourmaline Capital Partners

This transaction involved Phillips Edison & Company as the buyer, with Tourmaline Capital Partners acting as the seller. The acquisition reflects Phillips Edison & Company's strategy in expanding its portfolio within retail assets.

Players

Phillips Edison & Company
Phillips Edison & Company
BUYER
Tourmaline Capital Partners
Tourmaline Capital Partners
SELLER

Details

SOLD
IMAGE: 10/31/2025 ADDRESS: 900 Meridian Avenue East MARKET: Milton, WA ASSET TYPE: Retail BUYER: Phillips Edison & Company SELLER: Tourmaline Capital Partners SALE PRICE: $41,000,000 SF: 139,605 ~ PPSF: $294 NOTE: Phillips Edison & Co. acquired Surprise Lake Square, a 139,605-sf retail center in Milton, WA, for $41M ($294/sf) from Tourmaline Capital Partners. The 1984-built, 2007-renovated property is 85% leased to tenants including Grocery Outlet, Dollar Tree, and Mod Pizza.

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