BELLEVUE – (June 1, 2018) Principal Real Estate Investors of Des Moines, Iowa and Bellevue-based KG Investment Properties broke ground April 2nd on the second phase of its Wilburton Village development in Bellevue. Completed in September 2016, the first phase delivered the REI/Trader Joes/HomeGoods retail center located at the northeast corner of NE 4th and 116th Avenue. This second phase, located directly south across NE 4th street, is an exciting 4-story mixed-use building that will combine grocery, retail, entertainment, restaurant and medical office uses into a one of kind development that is sure to add to the vitality of Bellevue and revitalization of the rapidly changing Wilburton area.
Phase II of Wilburton Village will be home to four major anchor tenants: PCC Community Markets, Target, Dave & Buster’s, and Virginia Mason (totaling 161,600 sf), plus 13,000 sf of street front shop space, 8,500 sf of additional retail space on the third floor, and nearly 700 parking stalls spread across the different levels. These additions to the existing lineup of REI/Trader Joe’s/HomeGoods across the street gives Wilburton Village the critical mass that will make it a regional draw for the greater Eastside & Mercer Island population.
PCC Community Markets (PCC) will occupy 26,600 square feet on the ground floor. As with the community-owned food market’s current 11 locations, the Bellevue PCC will celebrate products that are fresh, local, organic, sustainably sourced and seasonal. The store will be the co-op’s fourth Eastside location. The remainder of the ground floor includes 13,000 square feet of divisible shop space and parking accessible from 116th Avenue. The second level will be entirely dedicated to parking accessible at grade from NE 4th and a speed-ramp from 116th. The third level will be home to a smaller-format 49,000 square foot Target, which will offer a new retail option for neighborhood residents, businesses, and visitors. The third floor will also feature a 40,000 square foot Dave and Buster’s. The Dave & Buster’s location will bring one of a kind entertainment including chef-crafted food, innovative cocktails, hundreds of the latest arcade games and the state of the art D&B Sports Bar filled with dozens of HDTVs. Dave and Buster’s opened their first Washington location in Auburn last December. Rounding out the third Classification: Internal Use
floor is a yet to be named 8,500 square foot tenant. The fourth and final level is also accessible at grade from NE 4th or the 116th speed ramp and includes a 45,000 square foot Virginia Mason Medical Clinic and related parking. Virginia Mason will be relocating, and doubling their size, from their current Bellevue location.
Wilburton Village will create a wonderful experience for all users with a number of amenities. At the corner of NE 4th and 116th, an inviting plaza with outdoor seating will draw pedestrians in with lighting, landscaping, and a water feature. Enjoy a fresh cup of coffee or lunch with a friend. Visitors will also be able to access PCC through an entrance from this plaza. Walking south from the corner plaza along a generous pedestrian walkway on 116th, visitors will be able to engage with the multiple street level storefronts that line the western edge of the project. The main entrance for pedestrians on 116th Avenue leads to the interior parking field, the main entrance to PCC, access to the street level shops, and vertical transportation. The project’s interconnecting open-air vertical transportation system utilizes escalators, elevators, stairwells and a ‘cartalator’ (escalator that transports shopping carts). The third level will be home to Dave & Buster’s and Target, and a future third retail tenant. This floor features a large outdoor seating area and amenity space to relax and enjoy the panoramic view of the Bellevue skyline.
Unique to Wilburton Village will be its connection and interaction with the Eastside Rail Corridor (‘ERC’). The ERC is a multi-jurisdictional trail, running along the old BNSF railroad, which will ultimately extend from Renton all the way to Snohomish County. The section that passes through Bellevue is adjacent to the eastern property line of Wilburton Village. The project will provide access directly to the trail in the form of a bridge on the southern edge and a lawn and sidewalk on the northern edge. It is projected that the trail will host thousands of pedestrians and bicyclists each day once fully developed and Wilburton Village will be very ‘bike-friendly’ with ample bicycle parking areas throughout.
The architect for the project is MG2 (formerly Fuller Sears Architects). The general contractor is Bayley Construction. Both companies were team members on the REI/Trader Joes/HomeGoods project.
KG Investment Properties was founded in 2001 by Steve Kramer and Rick Gervais. The company focuses on the acquisition, development, and management of institutional quality commercial real estate in the greater Seattle, Portland, and San Francisco markets with a portfolio totaling approximately 15 million square feet. Andrew Coates is Managing Director of Investments and Scott Holbrook is Development Director for the project. Steve Penn is President of Management Services.
Jay Fisher, Assistant Managing Director at Principal Real Estate Investors said, “We are excited to begin construction on the southern phase of the Wilburton project to complement the north phase that opened in 2016. We feel the project will provide needed retail, entertainment and service options in a location easily accessible throughout the Eastside via direct access from I-405, the Bel-Red Corridor, and the Bellevue CBD”.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $77 billion in commercial real estate assets*. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is a dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.