SILVERDALE, WA / ACCESS Newswire / January 20, 2025 / Rhino Investments Group (Rhino), a leading Las Vegas-based commercial real estate firm specializing in value-add investments, is pleased to announce its acquisition of Kitsap Mall, a premier regional retail destination and the nexus for retail shopping in Kitsap County. The property is located at 10315 Silverdale Way NW, Silverdale, WA. This acquisition reflects Rhino's continued commitment to enhancing its portfolio with high-quality assets in dynamic, high-barrier-to-entry markets.
Kitsap Mall is a single-level, grocery-anchored, regional shopping center situated in the thriving Silverdale retail corridor. Spanning approximately 762,314 square feet, the mall boasts a strong mix of national tenants, including WinCo Foods (NAP), JCPenney, Macy's, Kohl's (NAP), Barnes & Noble, and Dick's Sporting Goods. The acquisition included the Red Robin restaurant. The mall is strategically positioned at the intersection of Kitsap Mall Blvd and Silverdale Way, benefiting from high traffic volumes of approximately 62,000 vehicles per day along SR-3 and SR-303.
"This acquisition aligns perfectly with Rhino's strategy to invest in well-located, high-performing assets with long-term potential," said Sanjiv Chopra, CEO of Rhino. "Kitsap Mall's dominant position in the market, impressive occupancy rate of nearly 96%, and strong tenant roster make it an exceptional opportunity for us to unlock further value. We are excited to continue building on the mall's success and enhance its role as the retail hub for the Silverdale community."
Rhino's acquisition was made knowing Macy's intention to close their location at Kitsap Mall, one of Macy's 66 locations it intends to close in 2025. "We were in discussions with Macy's during our acquisition period and are working with Macy's as they begin their closing process", added Mr. Chopra. "We are already working with several tenants to replace Macy's and hope to make leasing announcements in the next quarter or two. We are excited to bring tenants that will provide entertainment concepts to the property, thus again making Kitsap Mall the capstone of the Kitsap County's retail experience again."
Rhino's acquisition of Kitsap Mall represents Rhino's fourth acquisition in Kitsap County since 2019. Rhino's most notable acquisition was the former Sears building located at Kitsap Mall. This former anchor space was leased to WinCo Foods. "We were the logical buyer, having the deepest knowledge of Kitsap Mall's potential", Mr. Chopra continued.
Rhino is retaining JLL to continue its leasing and management of the property. "We believe that we will be successful in attracting new and retaining existing tenants now that the long-term ownership question has been answered", added Becca Wall, VP of Operations at Rhino, referring to the foreclosure of the property in 2021. "Many tenants who have been hesitant to renew longer-term leases or invest in new locations at Kitsap Mall are now showing renewed interest in the property."
The Kitsap County area is supported by strong demand drivers, including a robust military presence at Naval Base Kitsap and significant civilian employment, particularly from St. Michael Medical Center, one of the most advanced healthcare facilities in the Pacific Northwest. The area also boasts a population density that fosters a competitive retail environment, further positioning Kitsap Mall as a key destination for both shoppers and tenants.
Kitsap Mall's location, with limited competition within a 30-mile radius, provides an added advantage in this high-demand retail corridor. The acquisition offers substantial growth potential, driven by the center's prime demographics and strong leasing activity. Rhino is already evaluating additional lease opportunities for available space and is committed to maintaining the mall's status as a premier shopping destination in the region.
About Rhino Investments Group
Rhino Investments Group is a leading commercial real estate firm based in Las Vegas, Nevada, specializing in value-add investments across retail and commercial real estate. With a proven track record of successful acquisitions and asset management, Rhino focuses on transforming properties to deliver exceptional returns for investors. For more information, visit www.rhinoig.com.
Contact Details
Tim Ednoff
Rhino Investments Group
tednoff@rhioig.com
SOURCE: Rhino Investments
View the original press release on ACCESS Newswire
