Home Finance Tourmaline Capital Buys 64,719 SQFT Shopping Center in Kirkland for $14.3MM

Tourmaline Capital Buys 64,719 SQFT Shopping Center in Kirkland for $14.3MM

Inglewood Village Shopping Center, Tourmaline Capital, King County, Kirkland, Puget Sound, New Leaf Investment LLC, MK Property Services LLC, Snoqualmie, Saint Edward State Park, Inglewood Golf Club, Lake Washington, QFC, Bartell Drugs, The Woodinville Towne Center, Retail Opportunity Investments Corporation, Houghton Village Shopping Center, MainStreet Property Group LLC, Rose Hill Village Shopping Center, Rosehill Village Shopping Center LLC

By Kate Snyder

Another shopping center has traded hands in Kirkland, adding to several similar transactions that have been recorded in the past year. The Inglewood Village Shopping Center was purchased by an entity affiliated with Tourmaline Capital for $14.3 million, or approximately $220 per square foot, according to King County public records.

The seller was a group of individuals and companies that had various percentages of ownership in the property, records show. The two owners with the largest percentage of ownership were an entity affiliated with New Leaf Investment, LLC, in Arizona and a private family estate. Two individuals affiliated with MK Property Services, LLC, in Snoqualmie were also part of the seller group.

The shopping center is a 64,719 square foot building located at 14130 Juanita Drive NE. The structure was built in 1966 and sits on 5.92 acres. Saint Edward State Park is just across the street from the shopping center, and other nearby attractions include the Inglewood Golf Club and Lake Washington. According to MK Property Services’ website, the shopping center is fully leased and anchored by QFC and Bartell Drugs.

According to the firm’s website, MK Property Services is a commercial real estate company founded in 1989 and specializing in property management and brokerage services. The firm has more than two million square feet of assets under management with services extended across Washington, Colorado and Florida.

Tourmaline Capital was founded in 2011 and is no stranger to the Puget Sound region. In the past three years, according to The Registry’s previous reporting, the firm has sold The Woodinville Towne Center retail complex for $37.77 million, or approximately $436 per square foot, to TMY Woodinville Towne Center LLC, an entity affiliated with Edward Morimoto based in Los Gatos, Calif. Tourmaline also sold nearly 48,850 square feet of retail space in Tacoma to Retail Opportunity Investments Corporation for $19 million.

At least two other shopping centers have traded hands in Kirkland in the past year.

The Houghton Village Shopping Center was purchased by the city with plans to convert the space into a mixed-use facility with affordable housing as well as space for local nonprofit organizations. According to The Registry’s previous reporting, the city bought the site for $14 million, or about $799 per square foot. The property is located at 10702 NE 68th St. and totals 17,530 square feet. 
MainStreet Property Group LLC also purchased the Rose Hill Village Shopping Center for $20.5 million, according to previous reporting from The Registry. The seller was Rosehill Village Shopping Center LLC, which is affiliated with a number of private investors. The property is located at 12631 NE 85th St. and totals 16,000 square feet.