Lynnwood Retail

Property Overview

Located at 19320 33rd Ave W in Lynnwood, Washington, this three-story retail building was constructed in 1999 and contains approximately 43,504 SF on a 1.34-acre parcel. The building's distinctive architectural design is prominently visible to Interstate 5 traffic and sits adjacent to Alderwood Mall, Snohomish County's largest regional mall. The site is zoned City Center North (CC-N), which permits building heights up to 140 feet and connects to a broader transit-oriented development corridor anchored by the nearby Lynnwood Link Light Rail Station.

Challenge

Our team was engaged as exclusive listing agent to sell a single-tenant retail building held by a nonprofit foundation as part of a portfolio diversification effort. The property carried a month-to-month lease arrangement, which limited its appeal to traditional income-focused investors seeking long-term lease security. The assignment required identifying a buyer who could recognize the site's redevelopment potential rather than underwrite it purely as a stabilized income asset.

Action

Erik and Mike positioned the property around its long-term land value and locational attributes rather than its near-term income profile. The marketing emphasized the CC-N zoning, the 140-foot allowable building height, proximity to the Lynnwood Link Light Rail Station, and adjacency to Alderwood Mall. The flexible lease structure was presented as an advantage for owner-users and redevelopment-oriented buyers who would not need to wait out a long-term tenancy. Our team represented both the seller and the buyer in the transaction.

Result

• Sale price of $7,200,000, or $166 per square foot
• Identified a buyer who owned the adjacent property and was acquiring this site for future redevelopment, making the transaction a strong strategic fit for both parties
• The seller, a nonprofit foundation, achieved its goal of portfolio diversification through a clean, on-market sale process