Home Commercial 47 North Development Acquires Retail Property in Bellevue for $19.3MM

47 North Development Acquires Retail Property in Bellevue for $19.3MM

By Jack Stubbs

On Monday, October 5th, a retail property adjacent to Bellevue Square sold for $19.3 million, or approximately $331 per square foot, according to King County records. The buyer was 47 North Development, a real estate investment firm based in Seattle. The seller was the University Book Store Inc. also located in Seattle. The transaction was recorded on November 14th.

The buyer did not respond to calls for comment about the transaction in time for the publishing of this story.

The sale was for a retail property—formerly home to the University of Washington Book Store—located at 990 102nd Ave. NE in Bellevue. According to the property listing on 42floors.com, the property totals 58,175 square feet and was constructed in 1986, and also includes 113 parking spaces. Some of the companies located at the property include Salon Mode, Nancy Wallace Pilates, Joy Hair Design & Makeup and BYB at Salon 990. According to the flyer, there were 19,000 square feet available in the property as of June 2018 at a rate of $45 per square foot.

First Western Properties, who is the listing agent for the property, did not return calls for additional information about the recent transaction.

North of downtown Bellevue, the property is adjacent to Bellevue Square and just two blocks from Bellevue Downtown Park. Additionally, the asset is roughly one mile from the Meydenbauer Convention Center and approximately 1.5 miles from access to Interstate 405.

Founded in 2009, 47 North Development seeks to draw inspiration from the natural beauty of the Pacific Northwest to build or reposition properties for tenants, according to the company’s web site. Across residential and commercial, the company’s goal is to positively influence the built environment for the benefit of communities and investors alike.

There have been a number of large-scale sales in downtown Bellevue in recent months, indicating that interest in the city across Lake Washington from Seattle continues. In late September, Pinnacle International Group spent $145 million for a three-parcel, 3.3-acre property located at 1036 100th Ave. NE., though it is not yet clear what plans Pinnacle International has for the acquired parcels. On October 9th, Scanlan Kemper Bard Companies (SKB) acquired the 110 Atrium Building for $111.22 million, or approximately $472 per square foot, from LVA4 Bellevue Atrium Place LLC.

In other news, prominent technology giants Google and Facebook remain interested in taking down more space in the Eastside city. In late August 2018, Google—which currently leases approximately 375,000 square feet in Kirkland at its two-building Kirkland campus located at 747 6th St. South—signed an 80,000 square foot lease in the three-building One Twelfth @ Twelfth office campus just north of downtown Bellevue. And on October 25th, Facebook expanded its footprint by taking 85,000 square feet in two buildings owned by Kilroy Realty in Bellevue.

The 85,000 square feet is spread across two buildings in the Eastside city, the Key Center, located at 601 108th Ave. NE, and the Skyline Tower, located at 10900 NE 4th St. According to sources with direct knowledge of the lease, Facebook took two floors in each building.