If there was any indication that the last week of 2019 may be slowing down, all such illusions were dispelled as more sales close in the last days and hours of the year. In Bellevue, which has been on the target list of a number of institutional investors as of late, the level of transactions may have reached a new high. One of those sales closed on December 30th for $114.5 million (just over $405 per square foot), and it was for the five-building, 281,000 square foot Cascade Yard (formerly Lincoln Executive Center) located in the Bellevue College neighborhood, just east of downtown Bellevue along the US Highway I-90 corridor. The buyer was Los Angeles-based PCCP, which worked through its San Francisco office on the transaction, and the seller was Denver-based Miller Global Properties, which has owned the property since October of 2016 when it paid $80.5 million (around $286 per square foot) for it.
Cascade Yard’s five buildings are located at 3380, 3245, 3290 & 3310 146th Place SE & 14432 SE Eastgate Way in Bellevue. The property is visible from I-90, and according to a recent property flyer from Broderick Group, which is leading the leasing efforts on the property, it is nearly 100 percent occupied.
The property was built in 1984, and its lobbies have been recently remodeled with an additional HUB building opening earlier this year, according to the flyer. There is an on-site conference room, along with exercise facilities and property management, and the buildings feature surface and covered parking. The buildings range from one to four stories and feature floor plates ranging from 22,000 to 24,000 square feet, according to the property’s web site.
There has been a tremendous amount of sales activity in Bellevue in the last quarter of 2019, with some notable transactions including Beacon Capital Partners spending $230.4 million ($480 per square foot) on the One Twelfth at Twelfth complex, Invesco spending $585 million ($727 per square foot) to buy the Microsoft-leased Bravern Office Commons in downtown Bellevue and KKR putting down nearly $740 million on The Summit, a 915,000-square-foot Class A office complex in the Bellevue central business district. These three mega sales came in just in the last week.