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February 17, 2022

Issaquah big box sells for $14.5M

By JOURNAL STAFF

ISSAQUAH — A former Big Lots store at 1475 11th Ave. N.W., in Pickering Place, sold for $14.5 million, according to King County records.

The seller was 12707 Southwest Freeway LP, which acquired the property in 2017 for $5.8 million. At the time, Big Lots had a lease extending through 2024. But since that last sale, the store appears to have closed, and the building looks to be vacant.

The buyer was Lemond Investment Corp., which shares an address in Algona with the Northwest regional headquarters of H Mart. It also has an executive in common with that Korean grocery chain.

Brokers were not announced. The deal was worth about $448 per square foot, very high for a vacant building. Public records indicate an over $10 million loan from US Metro Bank. No new plans have been filed.

Developed on 2.5 acres in 1997, the store has 32,380 square feet and surface parking.

H Mart recently filed plans to take the vacant former Bed, Bath & Beyond store at Redmond Town Center. It currently has locations in Bellevue, at Capitol Hill Station and the Broadacres Building, in downtown Seattle.




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