Insurance brokerage group Parker Smith & Feek Inc. sold two Bellevue office buildings to JB Bellewood LLC associated with June Yoo for $16 million or $303.82 per square foot in a deal that closed March 8th. Brandon Burrowes and Ann Bishop with Wallace Properties were the brokers on the sale.
“We had a lot of interest in the property,” said Burrowes. “We had probably seven or eight offers on it and narrowed it down to our top three and then selected our top buyer,” he said.
During negotiations, Burrowes said they went over the contract for the building twice before they ended up closing the sale. He added that the buyer, June Yoo, purchased the buildings as a long-term hold, strictly as a family investment.
In terms of how the Bellevue office market is doing, Burrowes said he’s not seeing any slowdown in the Bellevue market. “With these buildings, we had strong, consistent demand for them,” Burrowes said. “On the leasing side, all of our for lease buildings are getting filled up.”
The two parcels are located at 2229 112th Ave. N.E. and 2233 112th Ave. N.E. in Bellevue. The building at 2229 112th Ave. N.E. is a 24,985 square foot office building built in 1998. Hanson Baker Ludlow Drumheller and Parker Smith & Feek are tenants of that building. The three-story building offers 21 garage parking stalls and 68 surface stalls. The second building was constructed in 1978 and offers 27,678 square feet. The three-story building also offers 85 surface parking stalls.
TCI West, Inc. the original owner, sold the property to Parker Smith & Feek in December 1998 and the group has owned it ever since. Even though there is a new owner, Park Smith & Feek will remain in the space. Burrowes said the group signed a lease back so they’re not going anywhere.
Calls to Parker Smith & Feek Inc. went unanswered.