$40M Kirkland sale advances plan for big Rose Hill development

Marc Stiles | Puget Sound Business Journal

Issaquah-based Madison Development Group in December 2019 closed on the $40 million acquisition of a Kirkland strip center in the Rose Hill neighborhood.

Madison and Vancouver, Canada-based Cressey Development are planning a mixed-use development with four mid-rise building containing 873 apartments, 74,500 square feet of retail, public plazas and underground parking.

MDG bought the 7-acre property from Rosehill Shopping Center LLC of Santa Rosa, California. Managing Broker Nicholas Gill of Westlake Associates, Inc. listed the property.

This plan expands the evolving urban character of downtown Kirkland east of Interstate 405 along Northeast 85th Street where the Petco-anchored Rose Hill Shopping Center operates. It’s just east of a Costco Wholesale store.

A mile to the west in downtown is where Google this fall bought 400,000 square feet of office buildings plus retail in the new Kirkland Urban development that is also home to luxury apartments.

Near this property are two more development sites that could accommodate another 500,000 square feet of office, according to owners Talon Private Capital, Ryan Cos. and PGIM. Before Kirkland Urban, Google already had 375,000 square feet of space in Kirkland, and the company is expected to reach 1 million square feet in the suburb.

Source: www.bizjournals.com