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8/12/24
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Panos Properties LLC has acquired Village at Redmond Ridge, a 66.9k sf, neighborhood retail center in Redmond, WA, for $41 mil ($613/sf). The property, located at 23515 NE Novelty Hill Rd, was sold by Woodbury Corporation.
Photo: Woodbury Corporation |
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Village at Redmond Ridge is a top-performing retail center with 100% occupancy, shadow-anchored by a high-performing QFC/Kroger grocery store. Other tenants include Village Dentistry, Great Clips, Wells Fargo, Kiddie Academy, KeyBank, McDonald’s and Starbucks.
The center is strategically located near the Redmond Ridge Business Park, a 100-acre flex/R&D, industrial and warehouse development. The neighborhood center is also uniquely positioned in the affluent and rapidly growing ‘Eastside’ region of Puget Sound.
Newmark Executive Managing Directors Billy Sleeth and Paul Sleeth represented both parties in the transaction.
"Village at Redmond Ridge is the top-performing neighborhood center in its immediate trade area and will continue to capture the growth occurring throughout the corridor," said Sleeth. "Its strong performance underscores the center's significant hold on its trade area.”
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