Home Finance MainStreet Property Group, HAL Real Estate Acquire 46,000 SQFT Shopping Center in...

MainStreet Property Group, HAL Real Estate Acquire 46,000 SQFT Shopping Center in Woodinville for $23MM, Plan 270-Unit Mixed-Use Developments

MainStreet Property Group, HAL Real Estate Investments, Eastrail Flats, Woodinville, Principal Life Insurance, Institutional Property Advisors, Marcus & Millichap, Woodgate Shopping Center, GenCap Construction, Dahlin Group, Insite Property Solutions, Redmond
Courtesy of MainStreet Property Group

Woodinville, WA, December 28, 2022: After the successful completion of The Schoolhouse District and District Flats in Woodinville in 2021, MainStreet Property Group LLC along with partner HAL Real Estate Inc have closed on a $23 million land acquisition, expanding on this award-winning district.

The property acquisition includes 4.25 acres of property, formerly known as the Woodgate Shopping Center, that is being developed in two phases. The first phase is immediately across 175th Street from The Schoolhouse District and is in development as mixed-use. A subsequent phase further North along Woodinville Snohomish Road has land use approval for 63 townhome units.

Expanding on the success of The Schoolhouse District partnership, the City of Woodinville, MainStreet, and HAL worked closely to bring a complementary project to Downtown Woodinville. A Development Agreement was successfully executed in August with Land Use approval and SEPA recently approved by the City. This continued partnership brings new affordable housing to the area, additional public open space, as well as the extension of 133rd Ave – enhancing walkability and further connecting The Schoolhouse District.

“Downtown Woodinville is a thriving community that has a bright vision for its future,” said Kim Faust, Senior VP of Development at MainStreet Property Group LLC. “We are invested in enhancing this community, and with our continued partnership with the City of Woodinville, we are excited to be a part of the area’s continued growth & revitalization.”

The first phase of the new development, called Eastrail Flats, is slated to begin construction in early 2023, bringing 207 brand-new apartment homes (21 of which will be affordable housing) and 24,000 SF of new ground floor retail (50% of which is pre-leased).

GenCap Construction has been selected as the general contractor and Dahlin Group Architects is the architect on the project. Other teams associated with the project include DCI Engineers, Blueline for civil and landscaping, Vida Design for interior design, and Insite Property Solutions for property management.

Unique Amenities & New Retail at Eastrail Flats

Eastrail Flats will be a LEED Platinum & Fitwel certified mixed-use project focusing on providing wellness-focused amenities such as a butterfly wildlife habitat on the rooftop, an expansive fitness center with private studios, two intimate courtyards on the East & West sides, as well as an indoor/outdoor pet wash and lounge area.

The North side of Eastrail Flats has 12,500 SF of retail space that is fully pre-leased. 11,500 SF of ground floor retail along 175th Street is currently leasing to uses complementing the existing “sips, eats, & treats” found at The Schoolhouse District.

The Schoolhouse District: Serving as a community hub to the heart of Woodinville, The Schoolhouse District is home to an expertly curated Wine Walk Row, including tasting rooms from notable wineries such as Valdemar & L’Ecole, a renovated historic schoolhouse now home to Walla Walla Steak Co. & Crossbuck Brewing, as well as a renovated YMCA, new early education center, and a range of public open space & new retail.

MainStreet Property Group LLC: MainStreet and its family of companies are committed to “Turning Spaces Into Places” by developing, constructing, and operating remarkable residential communities and commercial with the goal of delighting their customers. To do this, MainStreet embraces innovation and creativity to foster unique perspectives that emphasize thoughtful & sustainable approaches. As a leading Puget Sound developer with a focus on the Eastside, MainStreet has been a meaningful leader in the revitalization efforts of downtown Bothell, Kenmore, Redmond, Sammamish and now Woodinville, and was recognized as NAIOPWA’s 2019 Developer of the Year.

The MainStreet family of companies include GenCap Construction Corp., a commercial general contractor and Insite Property Solutions LLC, a property management company.

HAL Real Estate Inc: HAL is a Seattle-based real estate investment firm focused on direct and joint-venture investment opportunities across the Greater Puget Sound region. HAL has deep experience in acquisition, development and recapitalization of apartment, condominium, office, and mixed-use properties. The firm has the financial resources of a large institutional investor but operates with the speed and flexibility of a local private investor using its own capital.