The property at 11747 124th Ave. N.E. in Totem Lake – long occupied by a KFC restaurant – has sold for almost $3.4 million, according to King County records.
The buyer, WWX Limited LLC, is planning a six-story mixed-use project on the site.
The seller, Northwest Restaurants Inc., acquired the property for $529,000 in 1998. It measures 30,311 square feet.
The KFC restaurant building was developed in 1986, and will be removed if the plan proceeds.
The site is east of Interstate 405 and a little south of The Village at Totem Lake, where the old mall is being redeveloped in phases to create a mixed-use community.
Excluding the value of the building, the transaction was worth about $123 per square foot.
Ross Klinger of Kidder Mathews and Tyler Litzenberger of Vector Real Estate represented the seller. Yue Wu of AgencyOne and Ava Bao of CB Commercial Realty represented the buyer.
Klinger said that the same brokers also represented a different seller and the same buyer, WWX Limited, in the previously unreported December sale of the neighboring property to the south. That 2.17-acre retail property at 11727 124th, called Totem Square II, traded for $11 million.
Early permitting is underway for what the city of Kirkland describes as a master-planned community with 180 senior housing units and 205 market-rate units. The project would have 394 underground parking spaces.
The city also indicates that 39 units would be affordable, and that the unnamed project would have 22,335 square feet of retail or commercial space. The project has not yet entered design review.
WWX Limited is governed by Wenxue Wang of Bellevue. The combined KFC-Totem Square II project appears to be his first development project.
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