By Kate Snyder
A warehouse that recently traded hands in Bellevue shows that the city’s industrial market continues to attract investors. A building operating as a Safeway beverage plant was sold for $25.1 million, or approximately $314 per square foot, according to King County public records. The seller was a family trust, property records show, and the buyer was an entity affiliated with Alco Investment Company, a family-owned investment, development and property management firm.
Located at 1500 124th Ave. NE, the 79,974 square foot building sits on 3.2 acres in the city’s Bel-Red area. The property is also located directly across the street from Bellevue’s Spring District, a 36-acre neighborhood development where a Meta campus is located and a slew of development activity has been planned for the years ahead. Other nearby properties include the Evans Industrial Park and a Swire Coca-Cola plant.
Marketing information from Colliers, which was marketing the property, shows that the warehouse is 100 percent leased to Safeway Stores, Inc. The one-story building was constructed in 1971 and includes 25,880 square feet of basement and storage area.
Colliers’ Jeff Kaiser, senior vice president, Jeff Jeremiah, vice president, and Gregg Riva, executive vice president, were brokers for the property.
Alco Investment Company is based in Federal Way and has a real estate portfolio that spans residential, office, retail, industrial, mixed-use and technology properties, according to the firm’s website. The company has been in operation since 1972 and is focused on new acquisitions in office, flex/industrial, retail, technology and telecommunications buildings in the $2 million to $100 million range located in the Pacific Northwest. Along with acquisitions, the firm also offers services in private lending, property management and venture capital/private equity.
The Puget Sound region has seen several other industrial sales transactions in the past six months.
Last year, an entity affiliated with Northern Industrial, Inc., purchased a 66,000-square-foot, single-tenant industrial building for $24.5 million, or about $371 per square foot. The property is located at 14051 NE 200th St. in Woodinville.