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July 11, 2017

Vulcan pays $26M for another Bellevue acre

Journal staff reporter

An LLC related to Vulcan Real Estate has bought property at 555 108th Ave. N.E. for $26 million, according to King County records.

The sale comes just a few days after Vulcan bought an acre just south of the site for $24 million from different owners.

The latest site was sold by JLW 108th Avenue Investments LLC, which acquired the 46,200-square-foot property in 2016 in separate transactions for a combined $23.5 million.

JLW is associated with Silver Cloud Inns & Hotels, which had previously bought land for a possible hotel on the corner of 108th and Northeast Sixth Street. It opted to build that hotel elsewhere.

The site that just sold is between Northeast Sixth and the building that houses Oodles Noodle Bar.

Vulcan LLCs have now spent $50 million to acquire over two acres along 108th.

The low-rise retail properties are between One Bellevue Center, at Northeast Fourth Street, and the Northeast Sixth Street pedestrian connector, which runs between Bellevue Transit Center and Bellevue Square.

The most identifiable building on the combined site is the former Las Margaritas restaurant, now occupied by the U.S. Jiang Rong Xue Culture Exchange.

The land is zoned for high-rise construction, but no plans have been filed with the city of Bellevue.

Brokers weren't announced.

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