Looking good for a big redevelopment!
MDG buys old Shoreline shopping center for $12M
By BRIAN MILLER
Real Estate Editor
The Shops at Richmond Village, at 600 N.W. Richmond Beach Road
in Shoreline, has sold for $12.2 million, according to King County records. The buyer was Richmond Village Retail LLC, which is associated with Madison Development Group of Issaquah. Public records indicate a loan from Washington Trust Bank.
New owner MDG did apply recently for a lot line adjustment (there are two parcels with about 5.3 acres), but no new building plans have been filed. The company, led by Tom Lee and Jim Gallaugher, does both retail and mixed-use development.
The seller was M.L. Davies Investment Co., which had owned the property for decades — and may have been the original developer. Brokers were not announced. The deal was worth about $281 per square foot.
Developed in 1965, with small later additions, the three-building complex has about 43,418 square feet. Most of the property is parking. QFC is the anchor tenant; and there's also a Swedish medical clinic, among other smaller tenants.
Meanwhile, in Kirkland's Rose Hill neighborhood, MDG and MG2 are planning to totally redevelop an old 7-acre shopping center with about 870 units over new retail/commercial space. MDG acquired that property last December for $40 million.
And early this year, MDG completed the 108-unit Luna, with a new PCC Community Market, in West Seattle.