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7/03/19
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A 16.7k sf multifamily development site in downtown Bellevue, WA sold for $11.26 mil in an off-market deal. The site, located at 10050 NE 10th St, was acquired by Binjiang Limited Partnership (“Binjiang”) and its partner, Molasky Group of Companies (“Molasky”).
Binjiang is a subsidiary of Binjiang Real Estate, one of the largest publicly traded real estate companies in China. Molasky, headquartered in Las Vegas, NV, is known for the high quality of its development projects spanning office, multifamily, retail, healthcare, aviation, and government properties.
The property was sold by Aotong Bellevue 10th Street LLC (Aotong), a private real estate investor located in Kirkland, WA. Aotong and its architecture firm, Link Design Group, obtained city approval in February for a seven-story, 102-unit residential apartment building with underground parking for 111 vehicles. A demolition permit has also been issued.
Holly Yang and Mike Yeh from Kidder Mathews were involved in brokering the transaction. According to Yang, the City of Bellevue has seen a growing wave of interest from local and national developers, due in part to its business-friendly environment, exceptional amenities, and high-quality of life.
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