Seattle, Wash. (July 2, 2019) – A 16,674 square foot multifamily development site, located in downtown Bellevue, Washington at 10050 NE 10th Street, has sold for $11.26 million. Holly Yang and Mike Yeh from Kidder Mathews brokered the off-market sale.
Binjiang Limited Partnership (“Binjiang”) and its partner, Molasky Group of Companies (“Molasky”), purchased the property. Binjiang is a subsidiary of Binjiang Real Estate, one of the largest publicly traded real estate companies in China. Molasky, headquartered in Las Vegas, Nevada, is known for the high quality of its development projects spanning office, multifamily, retail, healthcare, aviation, and government properties.
The seller was Aotong Bellevue 10th Street LLC (Aotong), a private real estate investor located in Kirkland, Washington.
Aotong and its architecture firm, Link Design Group, obtained city approval in February for a seven-story, 102-unit residential apartment building with underground parking for 111 vehicles. A demolition permit has also been issued.
Recognized for its business-friendly environment, exceptional amenities, and high-quality of life, the City of Bellevue has seen a growing wave of interest from local and national developers.
“Amazon’s vision to create an urban campus in downtown Bellevue has created a lot of excitement and opportunities for residential and office developers. Our clients are excited to have acquired a shovel-ready site at this phenomenal location,” said Yang.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with 800 real estate professionals and staff in 22 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $9 billion in transactions, manages over 55 million square feet of space, and conducts over 1,600 appraisals annually. For more information, visit kidder.com.