By Meghan Hall
The impact of big tech and credit tenants on the Bellevue market has been paramount and property prices continue to soar as parcels trade hands. On Thursday, Bosa and Schnitzer West solidified a deal in which Bosa sold three contiguous properties right outside downtown Bellevue’s core for an even $65 million.
The properties, located at 10635, 10619 and 10605 NE 8th Street in Bellevue include a vacant commercial property, and a 1950s multi-tenant retail center referred to as Sterling on 8th in public parcel data. The retail center totals close to 30,000 square feet. Bosa originally acquired the properties just three years ago in October of 2016 for $35.021 million. The seller at the time of the transaction was Bellevue-based Sterling Realty Organization (SRO).
Founded in 1912, (SRO) is a local company that to-date owns roughly 1.9 million square feet of retail, office and office park space throughout Washington and Oregon.
Bosa, a leading developer of residential and condominiums throughout the Puget Sound, has also purchased several assets in Bellevue this year. In February, the developer acquired the Park Row Shopping Center in downtown Bellevue for $36 million. The property totals just over an acre, and the seller at the time was Park Row LLC, an entity affiliated with Radford and Co. In August of 2018, Bosa brought its Retail Suites at One88 development, a new residential tower, to market. Just prior to that release, Bosa acquired another development site in downtown Bellevue for $11 million. Plans are in the works to redevelop the 17,000 square foot property at 205 105th Ave. NE. into a 21-story residential tower. The property is right across the street from One88.
Schnitzer West has also been recently active in Bellevue; in August of this year, Swift Real Estate Partners acquired the Bellevue 520 Corridor Office Portfolio from Schnitzer West and RMA. The buildings include the Bel Kirk 520 and Centra Office Park, which sold for $26.7 million and $32.6 million, respectively. In all, the portfolio totaled more than 600,000 square feet.