Madison Development Group acquired the 1.4-acre parcel from Redmond Ridge developer Quadrant Corp. in December and plans to break ground on the entitled project in April. The retail leasing assignment is in the hands of James Hamm of Seattle-based Commercial Development and Consulting. The office leasing assignment is in the hands of Raskin & Associates' Brent Jordan.

Hamm, who also brokered the acquisition, tells GlobeSt.com the two-story building will be shell complete in September. The space breakdown will be 7,000 sf of retail and 13,000 sf of office space. The annualized triple net asking rates are $26 for the retail space and $20 for the office space. Quadrant's Redmond Ridge-based employees will occupy approximately 3,000 sf of office space in the new building. No retail tenants have been signed.

Already developed at Marketplace are two strip centers totaling about 20,000 sf and two pads holding a bank branch and a gas station. Existing retailers include: Sorrento's Coffee, Subway, Himitsu Japanese Restaurant, Ixtapa Mexican Restaurant, Sorrela Salon and Spa, and Red Ribbon Gourmet.