As the Eastside submarket continues to draw attention from investors across the region and nation, a Washington-based development company is hoping to capitalize on an opportunity in Kirkland. Spokane-based Inland Group purchased a former Buick GMC of Kirkland dealership for $22.5 million. The seller was Kent-based Alco Investment Company, and the deal closed on December 21st, according to public records.
The per-square-foot price on the asset comes at $1,157, however, the property sits on a larger parcel, which may indicate a future opportunity for redevelopment. The 126,000 square-foot parcel, which is located at 12335 120th Ave. NE in Kirkland, was previously home to Buick GMC of Kirkland, which has since been renamed to Buick GMC of Bellevue and moved to a location in Bellevue.
Alco has owned the property since January of 2019, when it paid $10 million for the parcel, according to public documents. The company invests in a mix of residential, office, retail, industrial, mixed-use and technology properties, according to its website, and the focus is generally on value-add type of properties that are undervalued due to poor management or in need of capital improvements.
Spokane-based Inland Group specializes in high-density residential development and construction, according to the company’s website. The company is actively developing and constructing projects specifically focused around income and age-restricted multifamily housing.
If the site gets redeveloped into a multifamily project, it will likely receive interest from a number of investment sources. In recent months, a number of sizable transactions closed in Kirkland. Earlier this month, RISE Properties spent $49.5 million to acquire Sancerre Apartments, a 140-unit, garden-style community in Kirkland. In September, Alco sold a development site located at 12055 Slater Ave. NE to Fairfield Residential for $25.3 million. According to records on file with the city of Kirkland, Fairfield intends to construct a three-building, seven-story mixed-use project at the site. The project would include 486 residential units as well as 18,650 square feet of retail space.