Newmark Facilitates Sale of Village at Redmond Ridge in Redmond, Washington for $41 Million

Property Image Credit to Nick Grier

August 7, 2024 12:00 PM

Newmark announces it has arranged the sale of the Village at Redmond Ridge, a premier neighborhood retail center located at 23515 NE Novelty Hill Road in Redmond, Washington. The property sold for $41.05 million.

Newmark Executive Managing Directors Billy Sleeth and Paul Sleeth represented both the buyer, Panos Properties LLC, and the seller, Woodbury Corporation, in the transaction.

Spanning 66,866 square feet, Village at Redmond Ridge is a top-performing retail center with 100% occupancy, shadow-anchored by a high-performing QFC/Kroger grocery store. Other tenants include Village Dentistry, Great Clips, Wells Fargo, Kiddie Academy, KeyBank, McDonald’s and Starbucks.

“Village at Redmond Ridge is the top-performing neighborhood center in its immediate trade area and will continue to capture the growth occurring throughout the corridor,” said Billy Sleeth. “Its strong performance underscores the center’s significant hold on its trade area.”

The center is strategically located near the Redmond Ridge Business Park, a 100-acre flex/R&D, industrial and warehouse development. The neighborhood center is also uniquely positioned in the affluent and rapidly growing ‘Eastside’ region of Puget Sound.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of June 30, 2024, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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