Home Commercial Private Foundation Buys 48,573 SQFT Shopping Center for $14.4MM in Redmond

Private Foundation Buys 48,573 SQFT Shopping Center for $14.4MM in Redmond

Redmond, James E Downey Foundation, King County, Carlton Manor LLC, Subway, SmartStop Self Storage, Sarabella Tuscan Jars, Newport Beach, Florham Park, Puget Sound, Overlake Square, Granite Hall Partners, Carmel Partners, LCN Capital Partners, Redmond Hilltop Office Campus, Transwestern Investment Group, Amazon

By Kate Snyder

Redmond has been the site of a number of recent transactions, and one deal recorded earlier this month was the sale of a shopping center on the city’s eastern edge. The building was purchased for $14.4 million, or approximately $296 per square foot, by an entity affiliated with the James E Downey Foundation of Newport Beach, Calif., according to King County public records. The seller was an entity affiliated with Carlton Manor LLC in Florham Park, N.J.

The property is located at 3925 236th Ave. NE on five acres of land. Nearby businesses include a Subway, SmartStop Self Storage and Sarabella Tuscan Jars, a kitchen supply store. The 48,573 square foot building was constructed in 1994 and houses Albertsons, property records show. 

The James E Downey Foundation is a 501(c)(3) organization that was founded in 2006, public information shows.

Several other real estate deals have been recorded in Redmond recently. 

Overlake Square was purchased by an entity affiliated with Carmel Partners for $28.5 million, or approximately $818 per square foot, according to previous reporting by The Registry. The seller was an entity affiliated with Granite Hall Partners, an investment firm based in Chicago. The sale took place in early October. The addresses included in the sale were 15137 to 15171 NE 24th St. and included two one-story buildings sitting on 2.96 acres. Both buildings were constructed in 1979.

In a deal that was recorded on Aug. 31, New York-based LCN Capital Partners purchased the Redmond Hilltop Office Campus for $90.1 million, or about $503 per square foot. The property was sold to an entity affiliated with Transwestern Investment Group. The three-building property is located across several addresses at 6464, 6222 and 6244 185th Avenue NE. Earlier this year, Amazon signed a lease to occupy the 178,957 square foot campus.