Knutsen Sells 20 Acres of Surplus Land at West Campus Square for $24.18 Million

FEDERAL WAY, WA-According to property records, developer Robert Knutsen sold the balance of undeveloped land at his West Campus Square shopping center in two separate transactions. The total sales price for the 19.9 acres was $24.18 million.

The first transaction saw Costco purchase five acres of the West Campus site at 35020 Enchanted Parkway South for $3.75 million. According to reports, the Issaquah-based warehouse retailer made the purchase to preserve parking for its store there in light of the potential for further development. Costco officials were not immediate available to comment.

In the second transaction, an unnamed Beverly Hills-based family purchased West Campus Square’s remaining 12.89 acres of undeveloped property under the name of West Campus Square Co. LLC. The property garnered Knutsen an additional $20.43 million. Bellevue-based Liebson & Co.’s Brian Leibsohn, who brokered both sales for Knutsen, wouldn’t name the family for GlobeSt, but said it owns other Western Washington retail properties. Knutsen and former partner, Jim Lagerquist, developed 163,000 sf of retail at West Campus in 1990, and Knutsen bought full ownership of the property in 1999. According to Liebsohn, Knutsen sold the land to “reallocate his equity.”