After just several months of being on the market, a retail and restaurant property in Bellevue has been purchased by Bosa Development. According to King County public records, the 43,140 square-foot building was sold for $127.5 million, or approximately $2,955 per square foot.
Built in 1976 on nearly three acres, public records show that the property, which is located at 102 and 44 NE Bellevue Way, was last acquired by an entity associated with Cosmos Real Estate Investment Group in 2017 for approximately $120 million. Last year, the company filed applications with the City for two 18-story office towers at the location. The proposed project would total 800,000 square feet and include ground floor retail amenities.
Currently, however, the property is home to various retailers, including FedEx, Starbucks and OrangeTheory Fitness.
The property is also located near other retail spaces, including Bellevue Plaza, a major shopping center. Also nearby are several corporate offices, including Amazon Everest. In addition, the area is highly walkable, with Bellevue Downtown Park just a short distance away.
Bosa has yet to announce specific plans for the property. However, this is not the British Columbia-based development company’s first step into the Seattle metropolitan area. In 2018, the company purchased a 17,945 square-foot lot in downtown Bellevue for $11 million, which later became the site for One88 Bellevue, a 22-story condominium development. Again in 2019, the company purchased Downtown Bellevue’s Park Row Shopping Center for $36 million.
While founded in 1986, the company developed its first Seattle area project in the 1970s, according to its website. The first project, the Insignia, is a 41-story condominium in downtown Seattle. In total, the company has developed 20,000 homes across Canada and the Western U.S., with an additional 9,000 planned, being designed or currently under construction.