Friday, July 15, 2022

Chicago Firm Bought Redmond Town Center For $192 Million

The open-air Redmond Town Center has often struggled to keep up with tawnier local shopping centers and has suffered from the rise of e-commerce. (Steve Ringman / The Seattle Times)

You may have heard Redmond Town Center was purchased by Chicago-based Fairbourne Properties in 12/31/2019.  Fairbourne owns or manages 16 other properties. The Center was on the market for 1.5 years. In 2013, the sellers purchased the 120 acre property for $127 million.  

The property has three parcels:  a two-story shopping center, former Macy's (now housing Amazon engineers,) and adjacent commercial property.  The three parcels combined are 21.5 acres.  

According to a Seattle Times article, "Redmond Town Center suffered from e-commerce.  The "village style" open-air mall struggled to keep up with "tonier" Bellevue Square."  (Is a large, covered pedestrian place in the offing?)  The Times reports the tenant mix will lean heavily towards local retailers, restaurants, and health and fitness.

-- Bob Yoder, 7/15/2022 

Source:  Seattle Times, Paul Roberts, 12/31/2019

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