An entity affiliated with Weidner Apartment Homes has acquired a retail property in Kirkland that was rezoned last year for dense mixed-use development.

The Kirkland-based multifamily investor, headquartered next door, bought the 1.26-acre site at 9755 Juanita Drive NE for $8.5 million in a sale that King County recorded last week, reported the Puget Sound Business Journal. Dylan Simon, Jerrid Anderson and JD Fuller of Kidder Mathews represented the seller. The team of brokers received six competitive offers for the site. They also sourced the buyer.

An 18,387-square-foot building built in 1960 currently stands on the site. The building is leased to the arts and crafts store Michaels. The seller was Carl Pettersson, a local investor whose family bought the property for $1.33 million in 1997. The property has an assessed value of $5.28 million, 61% below the sale price Weidner paid.

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