Home Commercial MJR Development Sells Belleview Office Park for $19MM

MJR Development Sells Belleview Office Park for $19MM

Belle-View Office Park, Belle-View, Bellevue, MJR Development
Belle-View Office Park | Photo: MJR Development

The two office buildings that make up the Belle-View Office Park in Bellevue sold to an entity associated with Hong Kong-based developer Create World America. The group paid $19 million, or approximately $330 per square foot, for the office park from Kirkland-based MJR Development.

The Class-A Belle-View Office Park, located at 275 118th Avenue SE in Bellevue is a two-building, 57,512 square foot campus. According to a Kidder Mathews flyer, the property is 90 percent leased to nine tenants including Launch Consulting, Morris Management Inc., Nuwest and Schwartz Brothers Restaurants.

The bigger of the two offices, the south building, is three-stories and totals 37,011 square feet. The north building is 20,501 square feet and is a two-story office structure. There’s also plenty of parking for the two office buildings at a ratio of 4 per 1,000 square feet.

The office park sits on a 3.67 acre property and offers a development opportunity for the new owners, as well. According to the flyer, Weber Thompson is working to create plans for a potential development on the east portion of the property. The architecture firm has two plans for the potential development that include another office building or possibly an apartment complex.

Plans for the office building call for a 31,000 square foot, two-story space with 167 below-grade parking stalls, while the apartment building option would add 53 units to a three-story structure with 127 at grade parking stalls.

“The strength and recovery of the suburban Bellevue submarket has been rapid, as rising costs in the [central business district] force relocations and/or acts as a prohibiting factor for companies moving from tertiary markets,” states the flyer. “Specifically the neighborhood Belle-View is located in has benefited most from the large rent growth in the CBD due to its close proximity.”

The buildings were constructed in 1984 and underwent a renovation in 2014. SMR Architects served as the architect for the project.