By Jack Stubbs
A roughly 71,000 square foot Class A office building south of Bellevue changed hands on Friday, January 26th, with the Mercer Pointe at Bellefield office building in South Bellevue selling for $26.7 million, or approximately $374 per square foot.
The buying entity was Vancouver, BC-based Nicola Crosby Real Estate, a subsidiary of Nicola Wealth Management Ltd. Nicola Crosby is a real estate asset management company that acquires and manages properties for the SPIRE Real Estate Portfolios. The seller was Minneapolis, Minnesota-based Onward Investors LLC, a privately held commercial real estate investment and development firm.
The sale was brokered by CBRE’s Seattle office, according to a recent statement released by Onward Investors.
Mercer Point at Bellefield, located at 1745 114th Ave. SE, is a two-story Class A office building originally built in 1983 that totals 71,329 square feet. The property is located in the Bellefield Office Park, a 16-building 507,000 square foot office campus that is located five minutes from the Bellevue Central Business District. The office building is also proximate to the Mercer Slough Nature Park, which offers a variety of walking and running trails and water activities. The property is roughly two miles to the south of Bellevue and also offers easy access to Interstate 405 and Interstate 90.
Onward Investors purchased the property in June 2016 and began construction on renovations to fit the new headquarters of OfferUp, a Seattle-based online marketplace startup, according to the company’s recent statement. Renovations included a remodeling of the entry lobby and common areas, vacancy preparation and select improvements to the building exterior. Additional improvements included an onsite fitness center, cafeteria and break room.
The first floor totals 36,056 square feet and the second floor totals 35,273 square feet. In addition to the Class A office space, the property also features on-site workout equipment and lockers, a card key access security system and an HVAC cooling system.
According to Google Maps, the office building is currently occupied by Brennan Vacations, a tourist information center, and Premier Therapeutic Experience, a mental health services provider.
Founded in 2005, Nicola Crosby Real Estate invests in the SPIRE Portfolios alongside investor clients, according to the company’s web site. In terms of the company’s investment criteria for the U.S. portfolio includes office, retail, industrial, self-storage and multi-family properties located in major markets including Seattle, Portland, San Francisco, Los Angeles, Denver, Houston and Chicago.
Some of the company’s other commercial properties in the company’s Seattle portfolio include the University District Building, a 5-story 80,205 square foot office building built in 1961; the 1550 Building, a 47,368 square foot office building located in Pioneer Square; and the Reedo Building, a 4-story 53,636 square foot property located downtown.
Founded in 2011, Onward Investors acquires and improves value-add properties in recovering markets for investors. Since its inception, the firm has acquired and managed more than 4 million square feet of commercial properties across the U.S., according to its web site.