McLendon Hardware Pays $9M for New Digs

RENTON, WA-Locally based McLendon Hardware recently paid $9 million to acquire Kmart’s former location here on Rainier Avenue South. The 117,000-sf building will replace the six-store chain’s existing 85,000-sf store Downtown, allowing it to better compete with the national chains. The property address is 440 Rainier Ave. S. The transaction, in the works since the fall of 2003, closed shortly after the New Year.

The seller was Valley Medical Center. Paul Carr of CB Richard Ellis represented both parties in the transaction. Carr says the transaction was good for both parties because McLendon will re-use the existing structure. Other potential buyers were developers who would have razed the structure in order to develop new shopping centers, and therefore wanted to pay less for the property.