By Kate Snyder
A San Francisco-based company expanded its holdings in the Seattle area with the recent acquisition of a retail property in Redmond.
Overlake Square was purchased by an entity affiliated with Carmel Partners for $28.5 million, or approximately $818 per square foot, according to King County property records. The seller was an entity affiliated with Granite Hall Partners, an investment firm based in Chicago. The sale took place in early October.
The property includes two one-story buildings sitting on 2.96 acres, according to King County records, and was constructed in 1979. One building is 16,450 square feet and the other is 18,375 square feet, totaling 34,825 for the property. According to Google Maps, current businesses within the property include Great Clips, Overlake Dentistry and Mattress Depot Outlet.
The addresses included in the sale were 15137 to 15171 NE 24th St., according to public records. Nearby attractions include several shopping centers, such as Overlake Fashion Plaza to the southwest, Overlake Village to the northwest and Overlake Center to the northeast, according to Google Maps. Washington State Route 520 lies northwest of the property.
Based in San Francisco, Carmel Partners is an entrepreneurship and multifamily real estate company, according to its website. It was founded in 1996 and “has been focused on sustaining a culture committed to the principles of responsibility, integrity and alignment of interests.”
The firm owns several multifamily communities in the Seattle area, according to its website, as well as California, Denver, and along the East Coast. Any plans it may have for Overlake Square are unclear at this time.
One of the firm’s recent projects is a proposal to develop a 293-unit apartment building in Seattle’s Capitol Hill neighborhood, according to The Registry’s previous reporting. That project, located at 112 10th Ave E, would be eight stories, totaling approximately 204,702 square feet, and is slated to ultimately take shape along 10th Avenue E, bordered by 11th Avenue E to the East and Denny Way to the South.
Granite Hall Partners was founded in 2000 and according to the company’s website, it currently manages multi-manager funds in the following categories: leveraged buyouts, private real estate, alternative credit and hedge funds. The firm is also owned entirely by its employees and is completely independent.
