By Jack Stubbs
On December 9th, an 11,850 square foot office building and associated parking lot in Bellevue sold for $10.1 million, King County records show. The buyer was with Bellevue-based Golden-Tech International, Inc. (GTI), a national exporter. The seller was Bebat LLC, an entity also based in Bellevue.
The recent transaction included three separate parcels, according to public documents. The first parcel includes a three-story, 11,850 square foot Class C office building constructed in 1979, while the other parcels comprise a roughly .25-acre affiliated parking lot.
The property, located at 11110 and 11120 NE Second St. just east of Bellevue’s downtown core and adjacent to I-405, is roughly four miles north of GTI’s existing headquarters in Bellevue at 13555 SE 36th Street. The building is also less than half a mile from various downtown amenities including Bellevue Plaza, the Meydenbauer Center and Bellevue Park.
With offices in Bellevue, Washington, Seoul, South Korea and Dalian, China, GIT is one of the foremost exporters to U.S. food manufacturers, according to the company’s web site. GIT’s two business divisions, GTI Seafood and GTI Packaging, surpassed $100 million in revenue in 2005.
The recent transaction is the latest in a long line of sales that have occurred over the last several weeks, with the commercial market around Bellevue’s downtown core showing little signs of slowing heading towards year-end 2019. In late November, Los Angeles-based Preylock Real Estate Holdings spent a combined $117 million, or around $461 per square foot, to acquire the four-building 90 North Business Park, a campus that totals nearly 254,000 square feet. The seller of 90 North was Chicago-based Walton Street Capital, who acquired the asset in a joint venture with Talon Private Capital in 2017 for $35.75 million.
Preylock’s acquisition of the campus for almost quadruple of the 2017 trade further indicates how hot the Bellevue and Eastside market has become. According to a third quarter 2019 market report released by the Broderick Group, Eastside assets are garnering top dollar. During the third quarter, several office parks also traded: the four-building Corporate Campus East III sold to SteelWave for $55.25MM, while Sunset North was acquired by Kennedy Wilson for $227 million.