A fully leased retail center on 122nd Avenue NE in Kirkland has sold for $10.2 million, with all eight of its tenants remaining in place through closing. Kirkland Court, a single-story property built in 1985, changed hands from seller Kirklandia LLL to buyer Rose Hill 2026 LLC, closing out a deal that took roughly three and a half months to finalize.
According to Connect CRE, the property sits on just under one acre at 8425 122nd Ave NE and measures 14,149 square feet, though The Registry Pacific Northwest Real Estate describes the same property as roughly 14,000 square feet. Either way, the center is fully occupied by eight tenants, and the sale closed with every one of them still in place, per Connect CRE's reporting.
Cushman & Wakefield's Adrienne Hunter, a senior director at the firm, and Jim Reed, an executive managing director, represented the seller, Kirklandia LLL, in the transaction. Kirkland Court went under contract on June 25, 2026, Connect CRE reports, and the deal took months to reach the finish line.
Why the Seller Didn't Wait on Redevelopment
Kirklandia LLL wanted to access capital immediately rather than wait on a potential redevelopment outcome, according to the Connect CRE report. That decision carries weight given the site's zoning: Kirkland Court sits under a Neighborhood Mixed-Use designation with a transit-oriented development overlay, which Connect CRE reports supports the development of approximately 222 to 411 multifamily units. The property is also within walking distance of the Kirkland Bus Rapid Transit station, a detail that underscores the site's redevelopment potential even as the current retail use stayed intact through the sale.
Connect CRE describes Kirkland Court as offering in-place income alongside that significant redevelopment upside — a combination that can appeal to different types of buyers depending on their time horizon. Nothing in the available reporting indicates that Rose Hill 2026 LLC has announced plans to redevelop the site, and the zoning figures reflect what the parcel's entitlements allow rather than any confirmed project.
Rising Rates Complicated the Path to Closing
Hunter and Reed said interest rates rose during the roughly three-and-a-half-month stretch between contract and closing, which made keeping the seller, buyer and tenants aligned a challenge, according to Connect CRE. That kind of rate movement can ripple through a deal's financing assumptions even after a price has been agreed upon, adding friction to transactions that might otherwise move more smoothly from signing to close.
Kirkland Court isn't the only shopping center in the area facing questions about its next chapter. Rose Hill Village, another Kirkland shopping center, was described in a report from the Puget Sound Business Journal as planned for redevelopment into a 575,000-square-foot office complex dubbed the Kirkland Technology Center. It's a reminder that the city's retail parcels near transit corridors continue to draw attention from developers eyeing bigger footprints, even as deals like the one at Kirkland Court close with tenants simply staying put.
