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January 3, 2018

Roosevelt Square sells for $68M

Journal staff reporter

Photo by JSH Properties [enlarge]
The almost two-acre main block was redeveloped by TRF Pacific in 1999. The buyer is an LLC associated with Regency Centers of Florida.

Roosevelt Square, at 1027 N.E. 65th St., has sold for $68.2 million, according to King County records.

The seller was T-C Roosevelt Square LLC, an entity of TIAA, which acquired the property in 2005 for $48.6 million. The buyer was Roosevelt Square Regency LLC, a foreign LLC that is associated with Regency Centers.

Brokers, if any, could not be confirmed before deadline.

The almost two-acre main block was redeveloped by TRF Pacific in 1999, adding a new three-story building to the old Dania building, which previously housed a Sears, Roebuck & Co. store.

It is bounded by Roosevelt Avenue Northeast and 12th Avenue Northeast, and Northeast 65th and 64th streets.

The main block has about 228,000 square feet, plus surface parking and additional buildings on the south side of 64th. Whole Foods and Bartell are the anchor tenants, and other tenants include Starbucks, Sleep Train and the UPS Store.

JSH Properties is the leasing agent for Roosevelt Square, and lists about 24,000 square feet of available space.

Roosevelt Square is close to the light rail station that is scheduled to open in 2021, and in an area where many new apartment buildings are being developed.

Regency Centers is based in Jacksonville, Florida. It also owns the retail portion of Broadway Market on Capitol Hill, and is also developing the second phase of Ballard Blocks.