|
5/21/20
|
A 4.7k sf, ground-leased McDonald’s restaurant property in Federal Way, WA sold for $4.15 mil. The property, located at 34814 Pacific Highway South, was sold by Fana Group of Companies, out of Bellevue, WA.
The McDonald’s restaurant on the property was built in 2007. The site, which totals 35.6k sf of land, is located at the corner of Pacific Highway South and South 348th Street.
The city of Federal Way recently completed a road-widening and improvement project along Pacific Highway (Hwy 99). The project expanded the five-lane highway to six lanes by adding a dedicated right-turn lane directly in front of the property, resulting in 95,000 vehicles passing the site daily. The location is five miles from Tacoma, 14 miles from Seattle and 20 miles from Bellevue.
Dino Christophilis with CBRE represented the seller in the deal. It was acquired by an undisclosed buyer.
“This was the first ground-leased McDonald’s offered for sale in the Pacific Northwest in several years. Even during a troubled macro-economic environment, this opportunity was highly sought after,” said Christophilis. “The site benefits from the long-term anticipation of light rail terminal entering the market only three blocks from the property.”
In 2016 voters approved Sound Transit 3, which will expand the light rail network from the northern-most connection points in Seattle to Tacoma in the south. The first phase will be completed by 2024 and will extend to 320th Street (just north of the property). The second phase of the project will include a new station along 348th Street, three blocks from the McDonald’s Federal Way restaurant. The second phase is already funded and projected to be completed by 2030.
|
|
Return to the Archive page
|
|
|
|
|