By Kate Snyder
A commercial property has traded hands in Lynnwood in a transaction that shows investors continue to find opportunities in the city. The property, a retail asset within the city’s north end, was purchased for $10.4 million, or approximately $227 per square foot, according to Snohomish County public records. The buyer was an entity affiliated with 15620 HWY 99 LLC in Redondo Beach, Calif., and the seller was an entity affiliated with Lanswel Development Corp. and members of the Lee family in Edmonds.
Located at 15620 Highway 99, the 45,661 square foot property is occupied by multiple businesses, including Transparent Window Company, SecureSpace Self Storage Lynnwood, Moe’s Market, Envios and Tropical Tan of North Lynnwood. The building sits on 2.1 acres of land and was constructed in 1991. The surrounding neighborhoods formerly made up the city’s Picnic Point-North Lynnwood district.
Lanswel Development Corp. purchased the property in 2005 for $9 million, or about $197 per square foot, property records show.
Much of the recent sales transactions in Lynnwood have been related to multifamily properties, but the city has recorded some commercial deals in recent months.
Last year, Sterling Realty Organization sold the Alderwood Business Campus for $27.1 million, or approximately $195 per square foot, according to The Registry’s previous reporting. The buyer in the transaction was listed as an entity affiliated with Bellevue-based Rosen Harbottle Commercial Real Estate. The Alderwood Business Campus is located at 19101-19221 36th Ave. W on nearly seven acres. The six-building property totals approximately 138,665 square feet.
Also last year, Sterling Realty Organization sold off a separate 104,000 square foot retail asset in Lynwood for $44.1 million, or about $424 per square foot. The company sold the Lynnwood Crossroads Shopping Center to SF Lynnwood Crossroads LLC, an entity affiliated with Tom O’Meara of Costa Mesa-based real estate investment company Sakioka Farms. The grocery-anchored retail property is located at 19630 Highway 99.
