Business

Overlake Village Shopping Center sells for $18.2 million

 

Panos Properties, LLC, based in Seattle, has purchased the Overlake Village Shopping Center for $18.2 million.

The 112,680 square foot retail shopping center was 100 percent leased at the close of the sale, according to Colliers International, who brokered the deal for both the buyer and seller. Safeway is the anchor tenant, and other stores that lease space include Big 5 Sporting Goods, Starbucks and RiteAid.

The shopping center sits on 8.8 acres at 14810 N.E. 24th St., a heavy traffic area in the 1-405 Eastside Corridor.

Reynolds Haas the senior vice president of Colliers International, who brokered the sale, originally leased the shopping center when it was first constructed in 1976.

"I was just new in the real estate business back then (in 1976)-just starting after my military career," Haas said. "(The same owners) have had it the whole time. This is the first transition of that property since it was built. I've known both (the buyers and sellers) for a very very long period of time and have done transactions with them over my career," he said.

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