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Island Square for sale
Island Market Square, the largest and one of the newest developments in the Town Center, has been put up for sale. It is estimated that the property will sell for an amount in excess of $110 million.
Islander Steve Cohn, who owns the property, built it with SECO Development of Renton. The 357,000-square-foot complex, completed in late 2005, includes 235 apartments, over 500 parking stalls and 75,000 square feet of commercial space.
At present, 92 percent of the apartments are rented. Rents begin at $995 for a studio.
Along with Newell Court and The Mercer, the multi-building Island Market Square was part of the first wave of new construction in the Town Center that began in 2003.
The property is not listed in the usual real estate classified services. Instead, the sale is being handled by a private real estate group, Hendricks & Partners of Seattle. The brokers, who call themselves “the nation’s largest apartment sales and research firm,” handle these exclusive types of sales to investors. To see key financial documents to help determine their bid, prospective buyers must sign a confidentiality agreement.
Another Town Center property is also on the market. The 1.18-acre undeveloped property in the 2900 block of 76th Place S.E. is listed for sale at $5.8 million or at about $113 per square foot. It sold for $1.6 million in 2006. The site is zoned to permit the construction of 24 townhomes.
That sale is also represented by the Hendricks and Partners.