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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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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Development
  • ◦Sale/Acquisition