Home Commercial 32,420 SQFT Mountlake Terrace Property Trades for $5.95MM

32,420 SQFT Mountlake Terrace Property Trades for $5.95MM

Marcus & Millichap, Terrace Commons, Mountlake Terrace, Seattle

MOUNTLAKE TERRACE, WA, February 10, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Park Terrace Commons, a 32,420-square foot industrial property located in Mountlake Terrace, WA, according to Joel Deis, regional manager of the firm’s Seattle office. The asset sold for $5,950,000 (or just over $183 per square foot).

John Marks and Stren R. Lea, investment specialists in Marcus & Millichap’s Seattle office, had the exclusive listing to market the property on behalf of the seller, a private investor.   The buyer was a regional investor in a 1031 exchange represented by Kidder Mathews.

Park Terrace Commons is located at 22313 70th Ave W in Mountlake Terrace, WA. The two-story, concrete masonry building was built in 1985 and is occupied by a mix of service companies and recreational tenants. The property was 100% leased at time of sale.

About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.