By Meghan Hall
A commercial asset known as Cascade Place II in Bellevue has traded hands, adding to the growing number of transactions closed in recent months. At the end of November, SpringVue Investments LLC, affiliated with Jay Hartman and Taylor Development, purchased the buildings from Brenner Construction Co. for $33 million, or about $761 per square foot, according to public records.
Located at 12727-12729 Northup Way, the two-building asset totals 43,316 square feet. In all, the Class C property sits on 5.23 acres and 1979, according to CommercialCafe.
The asset also has a number of suites available for leasing, ranging in size from about 840 square feet to 1,450 square feet, according to an offering memorandum obtained by The Registry. The units feature private offices and conference rooms, kitchenettes and parking. The property is being marketed by CCM Commercial, and base rents begin between $1,730 to $2,988 per month.
The asset is in a highly commercialized part of the Bel-Red corridor, within close proximity to Interstate 405 and State Route 520. King County Metro Bases, USPS, Bellevue Brewing Company and others are located in the immediate vicinity. The property is also close to a shopping center anchored by Safeway, Fred Meyer, and the Bellevue Family YMCA.
The asset’s new owner, Taylor Development, has been developing numerous properties since 1993. Over the course of its 27 year history, the company has built and sold $900 million in commercial and residential real estate, according to its website. Its current projects include Canyon Park Office in Bothell, Oak Tree Preserve in Lacey, Wash., and Taylor Union Hill, in Redmond.