Kirkland Court, a fully occupied retail center in Kirkland, Washington, has changed hands in a $10.2 million transaction. The single-story property totals 14,149 square feet and is located at 8425 122nd Ave NE on a site measuring just under one acre. The asset was marketed with both in-place cash flow and longer-term redevelopment potential supported by its current zoning.
The center is configured as a Neighborhood Mixed-Use property with a transit-oriented development overlay, allowing for a substantial multifamily program if the site is ultimately redeveloped. Existing zoning supports the potential development of approximately 222 to 411 multifamily units, offering a wide range of possible density outcomes for a future project. While the center is currently operated as a fully leased retail property, the embedded multifamily potential was a key feature of the offering.
Originally constructed in 1985, Kirkland Court is occupied by eight tenants and remains fully leased. The single-story layout and stable tenancy provide consistent income for the new owner, while the zoning framework preserves flexibility for a possible shift in use over time. The property is located within walking distance of the Kirkland Bus Rapid Transit (BRT) Station, and its transit-oriented overlay reflects the municipality’s intent to support higher-intensity, mixed-use development near transit infrastructure.
Cushman & Wakefield’s Adrienne Hunter, senior director, and Jim Reed, executive managing director, represented the seller, Kirklandia LLL. According to the brokerage team, the seller elected to pursue a sale to access capital now rather than hold the property through an uncertain redevelopment timeline. The buyer in the transaction is Rose Hill 2026 LLC.
The agreement for the sale was reached when the property went under contract on June 25. Over the course of the roughly three and a half months leading up to closing, interest rates increased, creating additional complexity in maintaining alignment among the seller, buyer, and tenants. Despite the shifting rate environment, the parties proceeded to closing with all existing tenants remaining in place, preserving the center’s fully occupied status at the time of sale.
