Over the past several months, Lynnwood has seen a significant number of commercial properties trading hands. In one recent transaction, Sterling Realty Organization sold off its 104,000 square foot retail asset in Lynwood for $44.1 million, or about $424 per square foot.
According to a public records filed with Snohomish County, the company sold the grocery-anchored retail property to SF Lynnwood Crossroads LLC, an entity affiliated with Tom O’Meara of Costa Mesa-based real estate investment company Sakioka Farms.
Located at 19630 Highway 99, Lynnwood Crossroads Shopping Center is anchored by a Sprouts Farmers Market grocery store. Other tenants include an LA Fitness, Starbucks, Five Guys and more. According to a former listing for the site, the property is 100 percent leased.
With its location along Pacific Highway 99, the property is near a number of other retail tenants, such as Trader Joe’s, Safeway, Hobby Lobby, CVS and Costco. The property is also closely situated to Interstate 5, providing easy access to Seattle and the rest of the Puget Sound region.
Lynnwood has seen a number of properties trade over the past month alone. Recently, several townhomes located just south of Lynnwood’s Martha Lake were sold for $35.2 million. According to previous reporting from The Registry, the townhomes are located at 429 164th Street SW, 16309 2nd Place West and 16221 North Road.
Additionally, Hudson Pacific Properties recently announced plans to sell its 179,985 square foot Northview Center office building – which is located at 20700 44th Avenue W. – for $46 million, or about $256 per square foot. While it is unclear exactly when the deal will close, a second quarter earnings report from the company shows it will likely close by the end of the third quarter.
