Redevelopment site in Kirkland, Washington, trades for $26.25M
JLL Capital Markets completed the sale of the site, paving the way for the development of a 369-unit mid-rise multi-housing community
SEATTLE, May 13, 2024 – JLL Capital Markets announced today that it has closed the $26.25 million sale of a 139,223-square-foot land parcel in Kirkland, Washington.
JLL represented the buyer, Mill Creek Residential, in completing the off-market sale from the seller, Totem Bowl and Investments, Inc.
The property is currently improved with the TechCity Bowl building that will be demolished to develop a fully approved, 369-unit, mid-rise multi-housing community. Of the 369 units, 36 will be affordable. In addition to the multi-housing units, the property will offer 6,700 square feet of retail space and 425 parking stalls.
The development site occupies a corner lot at 13005 and 13003 NE 70th Place in Kirkland, about 13 miles east of downtown Seattle. The immediate area is mainly comprised of residential communities and the site is immediately adjacent to a retail center offering in-line retail and four pad sites. Additionally, the development site has easy access to nearby freeways, including Interstate 405 just one mile west.
The JLL Capital Markets Investment Sales and Advisory team representing the buyer was led by Senior Director Jordan Louie and included Senior Managing Directors Corey Marx and David Young, Senior Director Chris Ross and Directors Michael Lyford and Reed Curtis.
"The sale of the TechCity Bowl site is further evidence of the improved developer sentiment in the Greater Seattle market, specifically the Eastside," said Louie.
JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 108,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.