By Kate Snyder
Snohomish County is continuing to see attention from investors with the recent sale of a retail property in Lake Stevens. A 10,500 square foot gas station and convenience store property was purchased for $15.8 million, or about $1,504 per square foot, according to Snohomish County public records. The buyer was an entity affiliated with RP Investments, LLC, in Lake Stevens, and the seller was an entity that shares an address with Harris Investment Group, a real estate equity firm.
Located at 8011 20th St. SE, the site involved in the purchase spans about 1.65 acres, and the building portion was constructed in 2016, county records show. The property is positioned on the southwest edge of the city, less than a mile from the US Route 2 interchange with State Route 204. Businesses with addresses at the site include Union Coffee Bar, Bua Thai Fusion and Kiyama Sushi & Bar.
The Puget Sound region has seen multiple retail properties trade hands in the past year.
In Marysville, a retail property positioned on the north end of the city was purchased by an entity affiliated with Murnick Real Estate Services for $10.6 million, or approximately $165 per square foot, according to previous reporting from The Registry. The seller was an entity that shares an address with Apollo Global Management, a capital firm focused on alternative asset management and retirement solutions. Located at 3711 88th St. NE, the property spans 63,981 square feet, with a first floor totaling about 61,128 square feet and a 2,853 square foot second floor, according to county records. The structure is situated on 5.93 acres and was built in 2000.
In another transaction, a retail asset in Everett was purchased last year for $12.9 million, or approximately $434 per square foot. The buyer was an entity affiliated with Edward O’Sullivan, chairman of Pacific Centers, Inc., and the seller was an entity affiliated with Western Williams, who is a partner at Western Property Management. Located at 5006 132nd St. SE, the property comprises four buildings at 16,746, 3,372, 3,516 and 6,045 square feet, county records show. The parcel totals about 3.6 acres of land.
