BELLEVUE, WASH. — Colliers International would like to announce the sale of Sternco Shopping Center, a 113,223-square foot retail center in Bellevue, Wash. for $49,000,000. Brokered by Colliers Retail Investment Team, Paul Sleeth and Billy Sleeth, the seller was Sternco Center, formerly known as NE 20th Street Properties, a Washington general partnership. The property was sold December 10, 2015 to well-known REIT, Retail Opportunity Investments Corporation.
Located in Bellevue’s “Bel-Red” Corridor at 14625 NE 20th Street, the 10.8-acre shopping center is 100% leased and is flanked by Asian Food Center, Goodwill, IHOP, India Super Market, Mattress Depot, Precor Home Fitness, Seattle Lighting, Seattle Hardware Co., Sherwin Williams, and other retailers.
Paul Sleeth, Executive Vice President at Colliers, said, “The investment was purchased for its excellent current cash flow from very successful tenants and also provides a longer term redevelopment opportunity.”
About Colliers International
Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) is a global leader in commercial real estate services with more than 16,300 professionals operating from 502 offices in 67 countries. With an enterprising culture and significant insider ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include brokerage, global corporate solutions, investment sales and capital markets, project management and workplace solutions, property and asset management, consulting, valuation and appraisal services, and customized research and thought leadership. Colliers International has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 10 consecutive years, more than any other real estate services firm.
Locally, Colliers International of Greater Seattle is a full service commercial real estate firm with offices in Seattle and Bellevue, providing integrated services to clients locally and globally since 1978. With more than 80 professionals, we specialize in the sale and leasing of office, industrial, investments, land properties, multifamily, retail, and valuation/advisory services as well as real estate, property, and project management. For details, visit www.colliers.com/seattle and www.colliers.com/bellevue, or follow us on Twitter:@CI_PugetSound.