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May 4, 2016

Vulcan pays $45M for 3-acre site in Bellevue

By JOURNAL STAFF

Vulcan Real Estate made its first purchase in downtown Bellevue: a 3.44-acre site at 117 106th Ave. N.E. that includes a shopping center called Bellevue Plaza.

Vulcan said in a press release it paid $45.4 million for the 60,000-square-foot shopping center and adjacent parking lot. Bellevue Plaza is 75 percent leased, and tenants include Hot Yoga Inc., Pogacha, Jimmy John's and Toy's Cafe.

Vulcan said it has no immediate plans to redevelop the site, but eventually it could build housing and retail there.

Vulcan has developed 29 projects totaling 6.5 million square feet, mostly in South Lake Union. In recent years, Vulcan has sold many of its South Lake Union buildings and branched out into other neighborhoods.

Vulcan has an apartment complex under construction in the University District, and is planning projects in Yesler Terrace and the Central District.

Vulcan said it has owned commercial properties in Bellevue, but this is its first acquisition in downtown Bellevue.

“Our purchase of Bellevue Plaza aligns with our focus on expanding our Pacific Northwest portfolio with value-add investments and urban infill projects,” said Ada M. Healey, vice president of real estate at Vulcan, in the press release.

Jon Hallgrimson, Frank Bosl and Eli Hanacek of CBRE brokered the deal. Wallace Properties will handle leasing of Bellevue Plaza retail.




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