Home Commercial REI Sells Redmond Store to PMF Investments for $9.2MM

REI Sells Redmond Store to PMF Investments for $9.2MM


By Brittan Jenkins

After nearly two decades in Redmond, outdoor recreation co-op REI sold its Redmond store for $9.2 million to Bellevue-based PMF Investments in a deal that closed April 19th.

Two years ago, REI announced it would be moving from Redmond back to Bellevue, where it had moved to in 1994 after opening its first location in Seattle. In 1998, REI moved to a two-story, 35,000 square foot site at the Redmond Town Center. REI moved back to Bellevue in the fall of 2016 from its location at 16635 NE 76th St. in Redmond. According to REI’s website, the Bellevue store is only seven miles from its former location.

The Bellevue REI store now sist at the corner of 116th Ave. NE and NE 4th St. at a new development, the Bellevue Central Shopping Center, which also includes Trader Joe’s and HomeGoods. The outdoor recreation co-op occupies the second level of the shopping center and has over 40,000 square feet of space.

PMF’s website doesn’t list the old REI store as an asset yet. But according to LoopNet, as of March 31st, PMF Real Estate Services listed as for lease, split into three spaces. Future tenants have the option of leasing the entire 34,873 square feet, the first floor of 20,446 square feet or the second floor of 14,427 square feet. The listing also describes the property as a two-story brick building with high ceilings, and an open layout with a bright entry atrium. PMF’s Deborah Oswald is listed as the broker for the property, according to the site.

REI previously announced it would be moving its headquarters from Kent to Bellevue’s Spring District by 2020. The group submitted designs to the City of Bellevue in March and plans to begin construction within a year or so. “Our challenge is to build a world class, sustainable headquarters that brings the best of outdoor life into a collaborative work setting for our employees,” said Eric Artz, REI’s chief operating officer in a press release. “The Spring District gives us the opportunity to help build a neighborhood from the ground up and rethink how we work, commute and gather. We’re excited to work with the City of Bellevue, King County and other partners throughout the region.”