Gateway Place Property Sold for $7.8 Million
The Gateway Place property that contains Gene Juarez, Axis Pharmacy and Juicy Yoga has been sold for $7.8 million. The seller is WFT Gateway LLC and the buyer is Pietromonaco-Gateway LLC, a subsidiary of Pietromonaco Properties, a Puget Sound based commercial real estate investment company.
The listing for the property highlighted the neighboring Terrace Station development and future light rail station:
Recession & electronic retail resistant tenants in a central location with 4-way interstate 5 access. Located just north of the King County line in Snohomish County providing customer draw from King County including Seattle and lower taxes of Snohomish Co. One vacant space of 2,706 SF provides the new owner upside of $67,650 additional income. Existing Mountlake Terrace Transit station will be the light rail landing in late 2023. Anticipation of the light rail has already spured new development, Gateway TOD is under construction summer of 2018 adding 60,000 SF of retail already pre-leased and 200+/- apartments.
The 3.32 acre property was last sold in 2002 for $5.325 million.