Grocery-Anchored Center Fetches $154 Per SF

WOODINVILLE, WA-A grocery-anchored retail center here changed hands for $153.60 per sf. Lakha Investment Co. of Bellevue paid Woodinville Investment LLC $18.5 million for Woodinville Towne Center, a 120,556-sf development located off the northeast corner of the intersection of 140th Avenue Northeast and Northeast 175th Street. Built in 1986, the shopping center is anchored by a QFC supermarket. Other tenants include UW Physicians, RadioShack, Hallmark, KeyBank, Round Table Pizza, Weight Watchers, H&R Block, Regis and Papa Murphy’s. Woodinville Investment acquired the property in 1996 for nearly $9.7 million.Lakha Investment Co. is owned by real estate investor Amin Lakha. The acquisition follows two sales earlier this year by Lakha. The dispositions include a 93,000-sf shopping center near Southcenter that sold for $17.1 million and one near Northgate that sold for $17.7 million.The Woodinville Towne Center acquisition was brokered by Colliers International broker Paul Sleeth. Neither Sleeth nor Lakha could be reached for comment Friday afternoon.