Terramar Retail Centers, LLC, of Carlsbad, Calif., has acquired Canyon Park Place, a 130,786-square-foot neighborhood retail center in Bothell in an off-market transaction. The center, prominently located within the Interstate 405 corridor at the intersection of 228th Street and Bothell-Everett Highway, is anchored by a 45,772-square-foot QFC grocery and an 11,948-square-foot Bartell’s Drug.

“Canyon Park Place is the dominant grocery-anchored center at the intersection that forms the hub of a major commercial region with more than 5.24 million square feet of office space surrounding the center.  Additionally, Bothell is one of Seattle’s most desired residential communities due to its quality of life and close proximity to major employment centers and cultural destinations in Canyon Park, Redmond, Bellevue and Seattle,” said Terramar’s Vice President of Acquisitions Matthew Smith.

“The center has a highly performing grocer and drug store, and its ability to serve the daily needs of the residents of Bothell and workers in the region has allowed it to maintain a solid track record of high occupancy and stability through this recent market downturn,” Smith said.

“Terramar is excited to add Canyon Park Place as our sixth grocery-anchored center to our existing Pacific Northwest portfolio,” said Terramar President and CEO Steve Bowers. “This is a strategic region for Terramar and an area where we are actively seeking to expand our footprint. The center’s dominant commercial location, strong trade area demographics and established tenancy with daytime and nighttime activity characterize the type of grocery-anchored centers we are aggressively targeting as we look to expand our portfolio in 2012 and beyond.”

The seller was a North End family investment company that has owned and operated the center since it originally developed it in 1990. The seller was advised by Terry Moss of Commercial Realty Group, Inc.