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Foreclosure Sale $5.8m May 28, 2010

Posted by Sean Tufts in Sale.
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Cascade Bank has taken back a retail building in the heart of downtown Edmonds.  Old Milltown Square was purchased in 2006 with the plan to redevelop and improve the structure and increase rents.  Ace Hardware signed a new lease to anchor the project but unfortunately that was not enough to save the project from foreclosure.  Cascade Bank was the highest bidder paying at $5.8m, roughly $200/sf.  We expect that after a few leases are signed this will be brought back to the market. 

 

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