Lake Washington School District recently purchased a 25.46-acre property located on the northeast corner of 188th Avenue and future 70th Street in Redmond. The school district purchased the property to support the significant growth and critical need for schools in the district. Kirkland, Redmond and Sammamish anticipate developing more than 16,000 housing units in the next 10 years as technology companies including Microsoft, Amazon, Facebook and Google continue to expand in the area.

The property, formerly called Park 188, is a large development parcel directly west of the King County Urban Growth Boundary adjacent to nature preserves, regional trails and parks. Regional amenities and connections include Marymoor Park, Washington State Route 520, Redmond Town Center and a future light rail station.

Kidder Mathews brokers Jason Bloom and Todd Gauthier represented Lake Washington in the transaction.

“The Eastside market remains the tightest market in the region, with high demand for office, industrial and multifamily assets. The opportunity to acquire a property of this size, particularly where the zoning allows a wide array of uses, is scarce. The exceptional location adjacent to growing residential neighborhoods, various parks, trails and amenities makes it an ideal location,” said Bloom. “This is a historic acquisition for the future and will have a positive impact on a large number of kids in the community.”

The seller was Cadman, a supplier of sand, gravel and building materials.