By Meghan Hall
Puget Sound-based developer and property management firm JSH Properties is continuing to buy up properties around the region, closing on another purchase in a matter of weeks. In a transaction that closed on April 27th, JSH Properties purchased several parcels part of the Woodinville Mall for $13.41 million. The seller of the property was Leona G. Himmelspach and associated family trust, of Woodinville, Wash.
“Woodinville Mall is a fully occupied retail center in Woodinville’s high-growth Eastside submarket, an area with strong demographics and several new multifamily projects recently developed in the immediate area,” said Dino Christophilis, Senior vice president, national retail partners of CBRE in a statement. CBRE represented Himmelspach in the transaction.
The properties are located at 13811 and 13655 NE 175th St., and 17417 139th Ave. NE. Altogether, the properties total 93,681 square feet, or about 2.15 acres and are developed with a mix of commercial buildings, home to a Good Year Tire and other retailers. It is unclear what the new owners intend to do with the properties.
The parcels are just adjacent to the Woodinville Mall and greater Woodinville Town Center, just off of State Route 522. The mall is anchored by an AMC, as well as numerous eateries such as Red Robin and Taco Time. The Woodinville Plaza, another shopping center, is located across 140th Ave. NE, and is anchored by a Rite Aid, T.J. Maxx and HomeGoods. Currently, many of the retailers in both centers are closed due to COVID-19.
The transaction is JSH Properties’ second within a month. At the beginning of April, the firm invested in a vacant local shopping center in Renton for $15.5 million. JSH purchased the property from Solera Manager LLC on April 17th. Solera Manager sold the property after local developer Quadrant Homes walked away from the property, which it planned to redevelop. Originally, Quadrant had submitted documents to develop the 11-acre property into 670 residential units and 39,000 square feet of commercial of commercial space.
JSH Properties has throughout Washington across all market types—retailer, office, industrial, and multifamily. The firm is in charge of retail leasing for The Spring District in Bellevue, and in 2018 was also in charge of leasing for The Redmond Town Center, which welcomed 15 new tenants over the course of the year.