Kirkland Court, a fully occupied, 14,149 sf retail property in Kirkland, Washington, sold for $10.2 million. The center, situated on just under one acre at 8425 122nd Ave NE, offers in-place income and significant redevelopment upside, with zoning that supports the development of approximately 222 to 411 multifamily units.
Built in 1985 and occupied by eight tenants, the single-story center is zoned Neighborhood Mixed-Use with a transit-oriented development overlay and sits within walking distance of the Kirkland Bus Rapid Transit (BRT) Station.
Cushman & Wakefield’s Adrienne Hunter, senior director, and Jim Reed, executive managing director, represented the seller, Kirklandia LLL, who wanted to access capital now rather than wait on a potential redevelopment outcome. The buyer was Rose Hill 2026 LLC.
According to Hunter and Reed, the property went under contract on June 25, however, over the roughly three and a half months until closing, interest rates rose, which made keeping the seller, buyer and tenants aligned a challenge. Fortunately, they were able to close the sale with every tenant in-place.
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