Vacant Mercer Island Redev Site Snagged for Nearly $47M
Minneapolis-based Ryan Cos. and Seattle-based HAL Real Estate acquired a nearly six-acre property on Mercer Island for $46.45 million. The existing 146,750-square-foot building at 3033 77th Ave. S.E. was acquired by the Phoenix-based seller, VEREIT, for $39.55 million in 2005.
The site houses a 1980s-era building that formerly was the home of Farmers New World Insurance, which relocated to Bellevue after more than six decades on the island. The vacant property sits four blocks from the future light rail station, which is scheduled to open in 2023. The buyers are considering redeveloping the building a transit-oriented asset. NKF handled the property sale.
Ryan Cos., in partnership with Talon Private Capital, was the developer of Kirkland Urban (pictured). They transformed an existing, aging shopping area into a vibrant, integrated, one-million-square-foot mixed-use center in Kirkland, WA that delivered last year.
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