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Newmark Arranges Sale of Redmond Retail Center for $41M
Newmark has arranged the sale of the Village at Redmond Ridge, a neighborhood retail center located at 23515 NE Novelty Hill Road in Redmond, Washington. The property sold for $41.05 million.
Newmark Executive Managing Directors Billy Sleeth and Paul Sleeth represented both the buyer, Panos Properties LLC, and the seller, Woodbury Corporation, in the transaction.
Spanning 66,866 square feet, 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.
“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 Billy Sleeth. “Its strong performance underscores the center’s significant hold on its trade area.”
