BELLEVUE, WA—Colliers International has brokered the sale of Sternco Shopping Center, a 113,223-square foot retail center here for $49 million. The property was sold December 10, to well-known REIT, Retail Opportunity Investments Corporation. Brokered by Colliers Retail Investment Team, Paul Sleeth and Billy Sleeth, the seller was Sternco Center, formerly known as NE 20th Street Properties, a Washington general partnership.
Located in Bellevue's "Bel-Red Corridor" at 14625 NE 20th Street, the 10.8-acre shopping center is 100% leased and is flanked by Asian Food Center, Goodwill, IHOP, India Super Market, Mattress Depot, Precor Home Fitness, Seattle Lighting, Seattle Hardware Co., Sherwin Williams, and other retailers.
Paul Sleeth, executive vice president at Colliers, said, "The investment was purchased for its excellent current cash flow from very successful tenants and also provides a longer term redevelopment opportunity."
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
