By Jack Stubbs
On Monday, November 20th, four retail buildings in the King County city of Snoqualmie— including a 45,000 square foot Safeway building—sold for $21.2 million, King County records show. The buyer was Panos Properties LLC, a family-owned real estate developer based in Seattle, and the seller was EDG Commercial Real Estate located in Snoqualmie.
The sale included four separate parcels located at 34828 and 34812 SE Douglas St. and 34817 and 35013 Snoqualmie Parkway, according to public records. The first parcel, comprising 3.6 acres, includes a Safeway that totals 44,942 square feet, while the second parcel contains a 1,092 square foot structure—built in 2017—that serves as a gas kiosk. The third parcel includes a 4,641 square foot building home to a Starbucks, and the final parcel contains a 15,132 square foot building occupied by Bartell Drugs.
According to a representative from Panos Properties—which is a family-owned investment company focused on retail properties in the Seattle area—the transaction did not include any of the other buildings located on the adjacent parcels. According to Google Maps, some of the tenants in the adjacent buildings include Chase Bank, Re Nu Recycling Svc, Rudolph Technologies Inc., and Kardin Systems.
The acquired properties sit adjacent to Snoqualmie Parkway and are approximately three miles west of downtown Snoqualmie. Additionally, the buildings are roughly nine miles east of Issaquah via Interstate-90 and about twenty miles southeast of Redmond.
There have not been all that many retail transactions in Snoqualmie in recent months, but several other properties have changed hands since the middle of 2018. On June 4th, Snoqualmie Parkway Holdings LLC acquired the two-story, Class A Nexus Building located at 8226 Bracken Place SE. for $16 million, or approximately $209 per square foot, from an entity affiliated with San Diego-based Nexus Properties Inc. On October 5th, Woodlands Townhomes LLC spent $40 million, or approximately $400,000 per unit, to acquire the 100-Unit Woodlands in Snoqualmie Ridge Apartment Community—located at 34626 SE Swenson Drive—from Evergreen Housing Development Group.
In a larger multifamily sale that occurred on September 17th, San Francisco-based FPA Multifamily purchased the 233-Unit Rock Creek Ridge Apartments in North Bend—which is rough six miles south of the four recently-sold retail buildings—for $82 million, or approximately $351,931 per unit, from Braddock & Logan Homes, an apartment developer also based in California.