By Jack Stubbs
An industrial property comprised of three warehouses in Bellevue has just changed hands.
The Lunde Center Industrial Park sold for $12.5 million, or roughly $200 per square foot, according to public records filed with King County. The sale was recorded on October 23rd.The buyer was Olympia, Washington-based Koelsch Senior Communities, a family care facility. The seller was Stafford Health Services, an assisted living and senior care home located in Federal Way.
Arvin Vander Veen and Gregory Skipper of Colliers represented the seller, who acquired the property in 2015 for $10 million, according to a statement published by the Daily Journal of Commerce.
The Lunde Center is comprised of three buildings located at 2110, 2112 & 2120 116th Ave NE in Bellevue that total 62,379 square feet. The asset was built in 1979 and sits on a nearly three-acre parcel. The building at 2120 is currently tenanted by Mattress Depot USA and cellphone store Javoedge International. The warehouse at 2110, which comprises 30,752 square feet, is currently occupied by a gym and massage parlor.
The three-property complex is located roughly 2.5 miles to the north of downtown Bellevue and less than a mile to the north of Overlake Hospital Medical Center. The property is just one mile from access to Washington State Route 520 and two miles from access to Interstate-405.
Founded in 1958, Koelsch Communities founded its first nursing home in Kelso, Washington. Today, the organization operates across seven states, providing care to over 1,500 residents and their families, according to the company’s website. Koelsch provides a variety of services to its residents, including independent care, assisted living and memory care. Some of Koelsch’s Washington facilities include Cedar Creek in Edmonds and Jefferson House and Madison House in Kirkland.
Stafford Health Services provides assisted living and nursing care to its residents. Founded in 1945, the company has assisted living facilities in Kent, Port Orchard and Sumner, as well as nursing care and rehabilitation facilities in Bremerton, Port Orchard and SeaTac.