By Jack Stubbs
On December 13th, in a transaction that was recently recorded, two industrial buildings within the four-building Bellevue Business Park sold for $15 million, or about $407 per square foot, public documents show. The buyer was N124 Holdings LLC, an entity based in Redmond, and the seller was Par 5 Bel-Red Holdings LLC, an entity affiliated with Mike Griffitth of Medina-based Par5 Investments.
The transaction included two industrial properties—Bellevue Business Park Buildings B and C—which are located at 2000 and 2020 124th Ave. NE and total roughly 36,800 square feet. Building B is a 15,186 square foot warehouse/office building constructed in 1978, and Building C, built in the same year, totals 20,676 square feet. Together, the properties sit on just under two acres, according to public documents, and are located within the four-building Bellevue Business Park.
According to Google Maps, some of the current tenants at Bellevue Business Park include Network Technology Services, AGM Commercial Real Estate, ABS Building Supply and Trestle Community Management.
Located within the Bel-Red submarket, Bellevue Business Park is directly adjacent to State Route 520 and about three miles northeast of the city’s Central Business District.
The Eastside city’s Bel-Red corridor, which has long been an area where residents to settle down, has in recent months become identified as an area where higher-density multifamily product is in high demand, as evidenced by the recent opening of the largest multifamily project on the Eastside this year. In late November, Robin Chell Design and San Francisco-based developer Carmel Partners announced the opening of Hyde Square a 618-unit development located at 2030 155th PL NE.
“I absolutely think that this project has set a new standard for the area, a new level of expectation,” said Robin Chell, founder and principal at interior design firm Robin Chell Design, at the time of the project’s opening.
“Suburban places are changing; we’re doing projects along a number of transit corridors, and there is more of a demand for more sophisticated, “downtown” product,” added Scott Surdyke, Robin Chell Design’s Senior Project Manager. “It is not just about downtown Bellevue or South Lake Union or Capitol Hill anymore. We are seeing a demand for nicer and more urban product.”