Kirkland Court

Property Overview

Kirkland Court Retail Center is a 14,131 SF, fully leased, multi-tenant retail center located at 8417–8433 122nd Ave NE in Kirkland, Washington. Built in 1985, the property sits on a corner lot at a signalized intersection one block off Interstate 405, with traffic counts exceeding 35,000 vehicles per day. The center is 100% occupied by nine tenants, including Domino's and Weldon Barber, with NNN lease structures placing taxes, insurance, CAM, and management fees on the tenants.

Challenge

Our team was engaged to sell Kirkland Court on behalf of the seller, a fully occupied retail center with a strong location and stable tenant history. The complicating factor was an environmental condition on the property, which narrowed the pool of buyers willing and able to move forward. At the same time, both the buyer and seller had 1031 exchange requirements, adding timeline sensitivity to an already complex transaction.

Action

We brought the property to market at $6,400,000 and ran a structured process targeting investors experienced with retail assets and capable of navigating environmental due diligence. After receiving multiple offers, we coordinated a best-and-final offer round to establish clear terms and identify the strongest buyer. Throughout the process, we worked to keep both parties aligned given the dual 1031 exchange requirements on each side of the transaction.

Result

• Sold at the full asking price of $6,400,000 ($453/SF)
• 100% occupancy maintained across all nine tenants at close
• Multiple offers received, with a best-and-final round used to select the buyer
• Successfully navigated environmental challenges to reach a completed sale
• Coordinated closing requirements for both a buyer 1031 exchange and a seller 1031 exchange