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March 22, 2023
Directly east of the Spring District in Bellevue, a Safeway-leased industrial property went on the market last year, with Colliers as the broker. Offers were due last June for the old building, which sits on 3.2 acres. King County just recorded the over $25.1 million sale at 1500 124th Ave. NE. The seller was a family trust that had owned the property for decades.
The buyer was Alco Spring District LLC, associated with Alco, the Rosen family's investment vehicle. Alco often holds properties for developers, including but not exclusively SRM Development, then sells them back after permits are obtained. No new plans have been filed for 1500 124th, which is on the corner of the new Northeast Spring Boulevard.
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