Issaquah has seen a significant number of large commercial real estate transactions throughout 2022. In one transaction that closed on Aug. 11, the Town and Country Square Shopping Center sold for $57.2 million, or about $330 per square foot. According to public records filed with King County, the property was sold by Bellevue-based Sato Properties to 1170 Gilman Holdings LLC, an entity affiliated with private investor Mehran Rafizadeh.
The property is located at 1185 NW Gilman Boulevard and anchored by a more than 42,000 square foot Hobby Lobby, according to a previous marketing brochure for the property. The property totals 172,978 square foot retail center, which is home to a wide variety of local and nationwide tenants, including Champion Outlet Grocery, Hallmark, Between Friends Consignment, Alpine Licensing and several others.
The area is located within a prominent retail corridor in Issaquah with several shopping centers located within close proximity. Adjacent to the property is Issaquah Commons, with retailers including REI, Target and Trader Joe’s. Several other retailers, such as Costco and Lowe’s, are also located just north of the property. In addition, the property is just south of Interstate 90, providing immediate access to downtown Seattle.
In general, Issaquah has seen a number of large commercial real estate transactions over the past several months. In one deal that closed in July, Trammell Crow Residential sold off a 135-unit apartment building in Issaquah for $103.75 million, or about $768,518 per unit. The property, which is located at 1150 10th Avenue N., was sold to the Seminole Tribe of Florida, according to previous reports from The Registry.
Earlier this year in February, another Issaquah retail center at 1475 11th Avenue NW was sold for $14.5 million, or about $442 per square foot. The property, also referred to as Pickering Place Retail Center, was acquired by Auburn, Wash.-based Lemond Investment Corp.