Northgate Village, a 79,204-square-foot shopping center in Seattle has been purchased for $34.3 million by Balboa Retail Partners, according to King County public records. The real estate investment company purchased the retail center from a seller associated with Friedkin Property Group, a real estate investment company based in San Francisco.
The property is located at 818-846 NE Northgate Way, 11016-11038 Eighth Avenue NE and 11029 Roosevelt Way NE, and sits on a 213,065-square-foot plot of land, according to public records. Currently, a variety of medical offices, fitness studios, restaurants and retail uses call the shopping center home.
Located in the Northgate neighborhood of Seattle, the shopping center is within close proximity to many other retail buildings, including various department stores and malls and shopping malls. The property is located just off the Interstate-5 expressway, and only a short commute to many residential properties as well. These include Northgate Apartments, Meridian Apartments, Northgate Vista, Northgate Manor Apartments and Northgate Villa, among others.
In general, the Northgate neighborhood has seen a lot of activity over the past several years, particularly through residential development. In 2018, for example, Goodman Real Estate received approval to begin the development of the 235-unit Northgate Apartments. More recently, the 400-Unit Modera Northgate was approved in March of 2021. The Northgate Mall also is undergoing a 262,000-square-foot redevelopment to accommodate an ice rink for Seattle NHL.
While focusing on retail development and investment, Balboa Retail Partners has not announced any plans for redevelopment at Northgate Village. The company has acquired more than 3 million square feet of retail assets across 18 states since its founding in 2011, primarily throughout the Western and Eastern United States.