Wenatchee Valley Mall sold for Millions

NY real estate investment firm buys
Wenatchee Valley Mall for $9.2M

Submitted news release
EAST WENATCHEE –– Led by president and founder Joel J. Gorjian, commercial real estate financial advisory and mortgage origination firm Uber Capital Group, LLC has sourced a $9.2 million debt refinancing of the acquisition loan for the purchase of the Wenatchee Valley Mall. The client was a private national commercial real estate investment group based in New York. Uber sourced the financing from a regional bank based in Washington.
National real estate investor Gorjian established Uber in late 2016. The company is based in Great Neck, New York and operates nationally. To date, Uber has provided in excess of $250 million worth of commercial real estate loans.
“We obtained the loan for the Wenatchee Valley Mall acquisition debt refinancing from a regional Washington State bank at a fixed rate of 4.85 percent,” said Gorjian.
The 356,845-square foot property is located at 511 Valley Mall Parkway in East Wenatchee, the largest town and main commercial center of Douglas County. Wenatchee Valley Mall is the only mall within an 80-mile radius of East Wenatchee, serving a population of over 200,000 people. The mall is located approximately five miles south of the intersection of U.S. Route 2, which connects to Seattle to the west and Michigan to the east, and U.S. Route 97, a major north-south highway connecting Canada with California.
The Wenatchee Valley Mall’s anchor tenants are Bed Bath & Beyond, Macy’s, Ross Dress For Less, and Sportsman’s Warehouse. The property offers a strong lineup of 50 retail stores, dining options, and entertainment and service outlets, including Victoria’s Secret, Sears Hometown Store, Grocery Outlet, Marshalls, PetSmart, Rue 21, Zumiez, Kay Jewelers, Aspen Dental, Saddle Rock Café, and Olive Garden restaurant.
Uber assists property investors in planning, negotiating, and sourcing debt and equity financing.

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