The five separate parcels have development potential in excess of 2.5 million square feet.
BELLEVUE, WA—Building on the fervor of the region's momentum, one mega-site is poised for a mega-development. Canadian-based Pinnacle International recently purchased the Bellevue Central Business District Gateway development site for $145 million. The site is an 11.13-acre land parcel for a mixed-use project development. This critical land mass is comprised of five separate parcels with development potential in excess of 2.5 million square feet.
The buyer was self-represented. NKF co-head of US capital markets Kevin Shannon, executive managing directors Ken White, Tim O'Keefe, Marty Leith, Paul Sleeth and Billy Sleeth; vice chairman Nick Kucha and senior managing director Michael Moll represented the seller, Fortin Group. Alex Foshay, NKF vice chairman and divisional head of international capital markets, spearheaded the global marketing program.
“This site offers the buyer a generational development opportunity with rare scale in a top coastal market,” said Shannon. “The momentum in the Bellevue CBD and the Puget Sound region is fantastic.”
Bellevue has become a top-tier investment market and is one of the most affluent cities in Washington state, with a highly educated workforce and ranking among the best places to live in the country. The Bellevue CBD's population is growing exponentially and currently has more than 16,000 residents with an average age of 37, GlobeSt.com learns.
“Downtown Bellevue is poised to see a tremendous amount of economic growth and population growth over the next two decades,” O'Keefe tells GlobeSt.com. “This development site is a critical component to the ongoing success of this market.”
Located at 10116 NE 8th St., 10112 NE 10th St., 1111 102nd Ave. NE and 1036 to 1044 100th Ave. NE, the site is located in the center of the CBD. The site currently includes a retail center, an office building, an apartment property, a vacant lot and a single-family home.
“An increasing number of overseas investors are currently seeking the enhanced returns offered by value-add and opportunistic investment strategies,” adds Foshay. “The trophy characteristics offered by the Bellevue CBD Gateway site and the strong fundamentals of the market attracted an international investor pool, with our most aggressive buyer groups on this offering coming from Canada and Asia.”
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
