April 6, 2017

Create World buys Bellevue office park for $19M

Photo by MJR Development [enlarge]

Belle-View was developed in 1984, then recently renovated.

The Belle-View Office Park at 275-325 118th Ave. S.E. has sold for $19 million, according to King County records. The sellers were two LLCs associated with Kirkland investor Michael J. Raskin. In two separate transactions, the two portions of the Bellevue office park were previously acquired for $9.9 million in 2013.

The new buyer was Bellevue Park Investment LLC, whose governor is Lili Lu, an executive with the Chinese investment and development firm Create World America.

Developed in 1984 on 3.5 acres of land, Belle-View has two two-story buildings with 57,000 gross square feet, plus a large parking lot. The property is east of Interstate 405 and west of the Bellevue Botanical Garden.

The website for Raskin's MJR Development says the office park was recently renovated.

Dan Harden and Bob Conrad of Kidder Mathews represented the seller. (KM's website says the property is 90 percent leased.) Also from KM, Holly Yang, Sophia Wong and Michelle Yeh represented Create World.

Create World has rapidly become a big player in local real estate, with a 39-story condominium called The Emerald being planned for 1613 Second Ave., a site it acquired for $17 million. At 427 Ninth Ave. N. in South Lake Union, it paid $16 million for the land, plans and permits for a 26-story residential tower. And it has a two-tower project called the Mirador being planned for 10230 N.E. 10th St. in Bellevue, a property it acquired for $10 million.