Seattle Commercial Real Estate has discussed TOD (Transit Oriented Development) and its impact on development of multi-family and related businesses. As we have noted in the SODO area of Seattle and its shrinking footprint of “classical” industrial development, the same is happening on the Eastside.
A 5 acre piece of industrial land in Redmond, just a few minutes from the expansion going on at Microsoft’s headquarters, has been purchased for $26.4 Million. The industrial land will be the home to 425 residential units and 37,000 square feet on commercial space. At $62,000 per unit, this is reasonable in our expanding market. Seattle Commercial Real Estate has for several years encouraged their clients to look not only at the current configuration and use of a property, but to also evaluate an asset in the context of what could occur in a redevelopment of the asset. We hold real estate investment properties to be an asset upon which you place money to make money and want to avoid the trap of “falling in love” with your investments.