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Hudsman property at 24th & 76th sells for $8 million
The Hudsman property, the strip mall at the corner of S.E. 27th Street and 76th Avenue S.E., sold late last year. The property includes the Islander Pub, the True Value hardware store, and a Washington state liquor store. It appears that about one-third of the space in the mall is empty.
According to the King County Assessor’s office, the parcel sold on Nov. 8, 2011, for $8 million to an entity called MI 2615 LLC.
It will most likely be developed to a mixed use residential over commercial building similar to the recent projects on 76th Avenue S.E. that include Aljoya and the Aviara project, which is presently under construction.
The assessor’s office notes that the value is primarily in the land and its potential, and not in the existing buildings.
The assessed value is $7,382,800. It breaks down to land value of $7,381,800 and an improvement value of $1,000 to denote that there is a structure there.
The site is zoned under Town Center development and design standards, according to Tim Stewart, Director of Mercer Island Development Services.
That would allow four or five stories of mixed use and include both commerical and residential uses, he said.