By Jack Stubbs
In a transaction that was recently recorded, the Newport Place Office Building in Bellevue’s Factoria neighborhood sold for $20 million, or around $487 per square foot, King County records show. The buyer was Kunlian Investment Holding LLC, an entity based in Bellevue, and the seller was Bellevue-based Newport Place Associates LLC.
The four-story Newport Place Office building, located at 4122 128th Ave. SE, was built in 1982 and totals 41,081 per square feet, according to the property listing on Broderick Group’s web site. The asset, which was remodeled in 1996, sits on just over two acres and also includes 182 parking spaces. Rental rates range from $22 to $23 per square feet, and there are currently just over 1,600 square feet available for lease.
Newport Place is directly adjacent to Newport Mall and about two miles south of Bellevue College, also offering convenient access to I-90 and I-405.
The property is also approximately one mile south of the five-building Newport Corporate Center located at 3560 131st Ave. SE, which sold earlier this year. In mid-April, Los Angeles Preylock Real Estate Holdings, an owner and operator of commercial real estate along the West Coast, acquired the five-building property for $467.5 million, or just under $482 per square foot, from Ivanhoé Cambridge, a Montreal, Canada-based real estate company.
In addition to the commercial sales in Factoria south of Bellevue’s downtown core, the city’s Central Business District has seen a number of properties change hands this quarter. On September 20th, the 109,500 Gateway I Building located at 11400 SE Eighth St. sold for $48.5 million, or around $442 per square foot, with Regency Bellevue Holdings LLC acquiring the property from Bellevue-based Talon Private Capital.
