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Commons at Issaquah Trades for $42 Mil

ISSAQUAH, WA-The 367,000-sf retail property is one of the larger shopping centers in greater Puget Sound area. The center is fully leased and occupied. Key tenants include Target, Ross, Longs Drugs, Safeway and Gottschalks.

By Janet Parker | Updated on January 21, 2001

ISSAQUAH, WA-Heitman Capital Management LLC is the new owner of Commons at Issaquah, a 367,000-sf shopping center at 755 Gilman Blvd. The Chicago-based pension fund advisor acquired 250,000-sf of the center–everything but the Target store, which owned by the big-box retailer itself.

The purchase price was $42 million, or $168 per sf. The seller was Frontier Properties. Title records for the property supplied by First American Title Co. aren’t clear on when Frontier became involved in the property. Records show it being purchased in 1994 by Dayton Hudson Co. of Minneapolis for $4.82 million. How much of the center was built out at the time of that purchase was not immediately available.

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