By Meghan Hall
As property values continue to rise, locals are looking to get in on the action. A number of assets have been sold to private investors in recent months, and the most recent deal to close includes one of Redmond’s most well-known retail assets. In a deal finalized on February 23rd, a portion of the Redmond Town Center sold to WBMT Redmond LLC, affiliated with Daryl Vander Pol, Molly Oien, Collin Madden and Kimberly Feir. The LLC also acquired the nearby Creekside Crossing retail center. In all, $44.2 million was paid for both properties.
The transaction was broken into two deals: investors paid $29.5 million for retail at 17181 Redmond Way and 7225, 7589 and 7597 170th Ave. NE. 7225 170th Ave. currently has 30,796 square feet of space. 7589 170th Ave. NE is developed with 37,954 square feet of retail, while 7597 170th Ave. NE is currently home to a 7,220 square foot building constructed in 1999.
The latter three addresses are all part of the Redmond Town Center. Built in 2006, the center totals 693,627 square feet of space and features tenants such as Bed, Bath and Beyond, 24 Hour Fitness, IPIC and Petco.
In a second transaction, public records show that the limited liability company paid an additional $14.7 million for more property at 17181 NE Redmond Way, known as Creekside Crossing. A listing on Loopnet shows that the Class B building totals 24,776 square feet and sits on 3.42 acres.
The seller of the properties is FHR Community Center LLC, an entity based in Chicago and affiliated with Fairbourne Properties. Fairbourne originally acquired the Redmond Town Center from DRA Advisors at the end of 2019 for $192 million, or about $277 per square foot. That sale occurred in three transactions: The former Macy’s building and surrounding parking lot sold for $30 million, while additional parking and the strip mall portion including shops such as Bed, Bath & Beyond sold for $17 million, according to parcel data and public documents. The remainder of the center, which includes most of the Redmond Town Center itself, sold for $145,032,040.
Fairbourne Properties was established in 2016, according to its website. It currently has $18.81 billion assets under management, spanning 21 properties and more than 8.5 million square feet of space.