Mill Creek Residential announced that it acquired a 39,223-square-foot land parcel in Kirkland, Wash., for $26.25 million.
JLL represented the buyer in completing the off-market sale from the seller, Totem Bowl and Investments.
The property is currently improved with the TechCity Bowl building, which will be demolished to develop a fully approved, 369-unit midrise multi-housing community. Of the 369 units, 36 will be affordable. In addition to the multi-housing units, the property will offer 6,700 square feet of retail space and 425 parking stalls.
The development site occupies a corner lot at 13005 and 13003 NE 70th Place in Kirkland, about 13 miles east of downtown Seattle. The immediate area is mainly composed of residential communities, and the site is immediately adjacent to a retail center offering in-line retail and four pad sites. Additionally, the development site has easy access to nearby freeways, including Interstate 405 just one mile west.
