By Kate Snyder
A shopping center in Bellevue traded hands recently in a deal that continues the steady streak of sales activity involving retail properties in the Puget Sound area. The North Towne Shopping Center was purchased for $14.5 million, or approximately $268 per square foot, according to King County property records. The buyer was an entity that shares an address with real estate services firm Trinity Real Estate, and the seller was an entity affiliated with the Tomlinson family.
Located at 2636 Bellevue Way NE, the property totals about 54,289 square feet and is positioned on a 3.2-acre parcel of land, property records show.
The shopping center is anchored by QFC and is 100-percent leased, according to a marketing brochure from NAI Puget Sound Properties, which had the sales listing. Other tenants include Subway, State Farm and Seymour’s Hair Salon, and the property features a 136-stall parking lot. The original asking price for the asset was $16.5 million, or about $305 per square foot. NAI’s Dean Altaras and Billy Poll were the brokers for the property.
Throughout the Puget Sound region, multiple retail properties have been involved in sales transactions recently.
Earlier this year, a retail property in Lynnwood was purchased for $10.4 million, or approximately $227 per square foot, according to The Registry’s previous reporting. The buyer was an entity affiliated with 15620 HWY 99 LLC in Redondo Beach, Calif., and the seller was an entity affiliated with Lanswel Development Corp. and members of the Lee family in Edmonds. Located at 15620 Highway 99, the 45,661 square foot property is occupied by multiple businesses, including Transparent Window Company, SecureSpace Self Storage Lynnwood, Moe’s Market, Envios and Tropical Tan of North Lynnwood.
A retail asset in Everett also traded hands recently for $12.9 million, or approximately $434 per square foot. The buyer was an entity affiliated with Edward O’Sullivan, chairman of Pacific Centers, Inc., and the seller was an entity affiliated with Western Williams, who is a partner at Western Property Management. Located at 5006 132nd St. SE, the property comprises four buildings at 16,746, 3,372, 3,516 and 6,045 square feet.
