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6/08/23
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A 60.4k sf office building on a 3.66-acre parcel in Bellevue, WA was acquired for $18 mil ($298/sf) by Intracorp, along with its equity partner, HAL Real Estate.
The building is located at 3190 160th Ave SE, adjacent to I-90 on and off ramps, in the city’s Eastgate neighborhood. Constructed in 1982 and previously leased to Washington Department of Ecology for several decades, the two-story building was fully vacant at the time of sale.
Intracorp is an experienced homebuilder with nearby offices in Seattle and Vancouver, British Columbia as well as Newport Beach, California and Austin, Texas, along with its equity partner, HAL Real Estate. Official plans for the site have not yet been announced but the buyer may execute shorter-term leases at the existing office building until they’re able to better finalize their redevelopment strategy.
Pat Mutzel with Cushman & Wakefield’s Private Capital Group in the Puget Sound in collaboration with Jeffrey Cole, Jeff Chiate, Bryce Aberg, Mike Adey, Nico Napolitano and Zach Harman of the firm’s West Coast Capital Markets Group represented the seller, a private, high net worth investment group, in the transaction. Notably, Mutzel also advised the sale of the property in December 2019 for a price of $16.3 mil.
“This is a well-positioned site in the I-90 Corridor that is easily accessible via I-90 or I-405 and offers flexible zoning to enable a variety of investment options, including as a value-add office play or a residential redevelopment that is walkable and/or very close to employment, amenities, and freeways,” said Mutzel. “The Eastside is a suburban market known for its technology and innovation along with the presence of several major companies, which has driven greater demand for housing, especially in the longer-term. These adaptive re-use sites help bridge the gap between a weak office market and the need for housing communities in a scarce land market.”
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