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May 28, 2025

City sells vacant offices for over $9M

By JOURNAL STAFF

ISSAQUAH — A vacant old office building at 1775 12th Ave. N.W. sold last month for $9.5 million, according to King County records.

The seller was the city of Issaquah, which had called it the City Hall Annex. The city decided last year to sell the building, which it had acquired in 1990 for $2.2 million.

The buyer was Praedium Issaquah LLC, which is associated with Zuru Group, an online toy retailer based in Hong Kong. The company, founded by Nick and Mat Mowbray of New Zealand, also has a general retailing arm and a new construction division, dubbed Zuru Tech. The latter seeks to use prefabricated components to reduce housing costs. Its toys and other wares are made in China.

CBRE seems to have been the broker, based on the signs outside. The deal was worth about $391 per square foot. Co-Star first reported the sale, which was recorded in a non-standard manner.

Developed in 1983, the two-story building has about 24,288 square feet, with lots of surface parking. It's near Costco headquarters, and the Lowe's, on the north side of Interstate 90.




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