Town Center in Lake Forest Park under contract to be sold

Lake Forest Park Town Center
Photo by Steven H. Robinson

According to Marc Stiles in the Puget Sound Business Journal, Madison Marquette, owner of Town Center in Lake Forest Park is not only selling the property, but has it under contract to a new buyer, with the deal expected to close this month.

Public records show that Madison Marquette paid $27 million in 2006 for Town Center at Lake Forest Park. King County assesses the value of the property at nearly $35.7 million.

The 241,500-square-foot property was built in 1965 and is the heart of Lake Forest Park - and almost the only part which is zoned for business use. With Third Place Commons, Third Place Books, Honey Bear Bakery, and smaller iconic business such as Two Trading Tigers, The Chocolate Man, Diamond in the Mall, Great Harvest Bread, and Avid Angler, it offers unique shopping and entertainment activities.

When Madison Marquette took over, they eliminated the Friday and Saturday night music in The Commons, bringing it back after a public outcry. It remains to be seen what the new owner will want to change at the Center.