Home Commercial Downtown Redmond Medical Office Building Center Sells for $23.4MM

Downtown Redmond Medical Office Building Center Sells for $23.4MM

Redmond Medical Center KFP Redmond Medical LLC Broderick Group Joe Razone Jeffrey A. Williamson East side medical office building
Image courtesy of Google

By Brittan Jenkins

The Redmond Medical Center, located in the city’s downtown, sold to KFP Redmond Medical LLC for $23,400,000 or $577.61 per square foot. The LLC purchased the asset from an LLC associated with former Broderick Group broker Joe Razone and Jeffrey A. Williamson.

King County records show there were two sales were recorded for this property, one listed at $18,369,000 and the other at $5,031,000. Records show for the higher valued transaction, the KFP LLC has a 78.5 percent tenant in common interest and a 21.5 percent tenant in common interest for the lesser valued transaction.

Located at 8301 161st Avenue NE and built in 1985, the 40,512 square foot medical office building spans across three floors. The medical office was renovated in 2012 and now includes a Class A lobby and common areas.

Primary Care Redmond was one of the previous tenants of the building but closed its doors on December 31st, 2016. Swedish Pediatrics and Northwest Asthma & Allergy are listed as current tenants of the property.

NorthMarq Capital’s Seattle regional office arranged financing of $11,700,000 on the property, according to a statement from the company. The financing was led by Ron Peterson, senior vice president/managing director of the office.