Redmond Town Center Sold!

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marshd1000
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Redmond Town Center Sold!

Post by marshd1000 » January 1st, 2020, 8:24 am

Another Seattle area shopping center is sold!

Redmond Town Center sells for $192 million

https://www.seattletimes.com/business/r ... 2-million/

SamSpade
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Re: Redmond Town Center Sold!

Post by SamSpade » January 1st, 2020, 10:32 pm

I'd forgotten that Macy*s closure.

Seems like some redevelopment eventually, but sounds like the status quo isn't terrible.

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Re: Redmond Town Center Sold!

Post by Brian Lutz » January 2nd, 2020, 1:35 pm

My brother-in-law's mother actually used to work for the property managers in this center when it was under Macerich (the owner of the property before JSH). If I recall correctly it took over ten years of going back-and-forth with the City of Redmond to actually get the necessary permits build the center (originally planned as an enclosed mall, eventually turned into an outdoor mixed-use development.) They have suffered from some long-term vacancies (aside from the Macy's, a 2-story Borders Bookstore left a space that sat vacant for a good 6-7 years when they went out of business, and a two-story REI store also left a vacancy for several years when they moved to Bellevue (it's since been reoccupied by a Restoration Hardware outlet store) but seem to have a reasonably high occupancy rate. It also helps that the office space adjacent to the center is occupied by Microsoft (several of their game studios including 343 Industries and Turn 10 reside there) and AT&T. The center also has a high-end movie theater (iPic Cinemas) which seems to do reasonably well in spite of its high ticket prices.

Another popular event they have here is Exotics at Redmond Town Center, which attracts a large number of exotic and collector cars on many Saturdays during the warmer months.

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