By Kate Snyder
A recent sales transaction involving a commercial property in Bellevue shows that investors are still interested in what the city has to offer. A 114,000 square foot building on the city’s west side traded hands for $35 million, or approximately $307 per square foot, according to King County public records. The buyer was an entity affiliated with Felton Properties, Inc., and the seller was an entity affiliated with Lionstone Investments. The sale was recorded on Feb. 13.
The Bellevue Gateway I building is located at 11400 SE 8th St. and sits on about 9.3 acres. Built in 1985, the property is located just west of I-405. Nearby businesses include the Residence Inn by Marriott Seattle Bellevue/Downtown and the Bellefield Office Park. The Surrey Downs Park is also located just across 112th Avenue.
Based in Portland, Felton Properties is a full service real estate ownership and management company, according to the firm’s website. Its focus is on the acquisition and operation of “intrinsically valued, well-located real estate throughout central and western United States.”
The firm was founded in 1997 and has offices in Bellevue and in Westport, Conn.
Currently, the company owns and manages nearly four million square feet of real estate in Oregon, Washington, California, Colorado, Utah, Minnesota, Wisconsin and Indiana. Through institutional and private partnerships, Felton Properties and Felton Management Corp. have closed on more than 30 acquisitions during the past 10 years representing over $600 million in transactional volume.
Lionstone Investments was founded in 2001 as a privately-owned real estate investment firm, according to the company’s website. The firm specializes in “researching, conceptualizing and executing national investment strategies based upon proprietary analytics and ideas.”
Lionstone has invested in more than 17 million square feet of real estate product across various property types, including mixed-use, multifamily, retail and office. The firm is headquartered in Houston and offers a variety of services, including portfolio management, asset management, risk management, analytics and research, capital formation and acquisitions. Lionstone also has satellite offices in Boston and Los Angeles.
