By Kate Snyder
An inn and adjacent restaurant in Redmond were sold in a portfolio deal recently that shows the city continues to attract investors to what it has to offer. The Redmond Inn and Family Pancake House traded for about $20.2 million, according to King County property records. Both properties were purchased by entities affiliated with PMF Investments. The sellers were entities that share an address with FPH Construction, a construction firm that was part of the development team for the Family Pancake House, according to the company’s website.
Located at 17601 NE Redmond Way, the Redmond Inn traded for $17.5 million, or about $127,737 per room. The three-story building spans approximately 30,963 square feet and consists of 137 rooms, according to property records. It was constructed in 1986.
Nearby at 17621 NE Redmond Way, the Family Pancake House totals approximately 4,244 square feet. It was purchased for $2.7 million, or about $636 per square foot.
Based in Bellevue, PMF Investments is a commercial real estate investment and development company, according to the firm’s website. The company has led commercial, industrial and mixed-use projects throughout Washington, Oregon, California, Idaho and Ohio.
The firm has been involved in other recent sales transactions in the Puget Sound region.
Earlier this year in Tacoma, an entity affiliated with the company sold a portion of the Tahoma Vista Shopping Center for $14.2 million, according to The Registry’s previous reporting. The deal included multiple parcels with multiple buildings and vacant land. The buyer was an entity affiliated with Rhino Investments Group, which is a family-owned and operated commercial real estate investment and property management company based in Henderson, N.V. Located at 7214 Portland Ave. E, 1404 and 1414 72nd St. E, the property includes retail buildings such as O’Reilly Auto Parts and Taco Bell.