Home AEC Pinnacle International Group Spends $145MM on Three-Parcel Property in Bellevue

Pinnacle International Group Spends $145MM on Three-Parcel Property in Bellevue

By Jack Stubbs

On Friday, September 28th, a three-parcel property—which contains a single-family residence, an apartment building and a vacant multifamily dwelling—located in downtown Bellevue sold for $145 million, King County records show. The buyer was Pinnacle International Group, a company based in Vancouver, British Columbia that builds luxury condominium residences, master-planned communities commercial and hotel developments. The seller was Monte Villa Properties LLC, an entity affiliated with Bellevue-based Fortin Group, which is a collective of family-owned real estate asset management companies.

The sale was for three adjacent lots in downtown Bellevue that total just over 3.3 acres, according to public documents. The first parcel, located at 1036 100th Ave. NE, totals .3 acres and includes a roughly 1,200 square foot single-family residence. The second parcel, sitting on 2.4 acres, contains the Le Chateau Apartments located at 1111 102nd Ave. NE. The third parcel, located at 1044 100th Ave. NE, comprises roughly 12,000 square feet of vacant land.

It is not yet clear what plans Pinnacle International has for the recently-acquired parcels. The buyer did not respond to calls for comment about the transaction in time for the publishing of this story.

No project plans have yet been filed with the city of Bellevue. The three-parcel property is adjacent to Bellevue Square shopping center and just blocks from Bellevue Downtown Park in the city’s Central Business District.

Pinnacle International has been involved in the development, design, construction and management of their projects for over 40 years, according to the company’s web site. The company has completed over 10,000 residences to help create and enrich neighbourhoods in Vancouver, Toronto and San Diego, and has development plans for an additional 10,000 residential suites located in various master-planned, mixed-use locations throughout North America, according to its web site.

Fortin Group began more than 50 years ago and has deep roots in the local community and a strong commitment to the continued smart growth and economic success of downtown Bellevue, according to the company’s web site. The company began when founder L.H. “Vern” Fortin and his father-in-law Lloyd Mitchel started Quality Food Centers (QFC) grocery stores, according to the company’s web site. After selling its interest in QFC in 1986, Fortin Group has concentrated on the active management of its significant real estate portfolio in downtown Bellevue.

There has been a lot of investment activity occurring in downtown Bellevue over the last few months, with a number of large-scale projects in the works set to change the fabric of the city’s downtown core. In mid-May 2018, San Francisco-based hotel developer Stanford Hotels Group acquired a three-parcel property in downtown Bellevue—located at 10833 NE 8th St.—from Plus Capital Partners for a combined $128 million.

According to a project description on Plus Investment USA’s web site, Plus Investment has plans in the works to develop a luxury, mixed-use 4-tower project called Elev8—located at the same address as the parking lot—that will include 350 condos, 423 apartment units and 1,698 parking stalls. The project, designed by MZA Architects, will also include Class A office space, a five-star hotel, retail space and urban pocket parks. Plus Investment USA submitted preliminary project plans to the city of Bellevue in early March 2016.

Elsewhere in downtown Bellevue, Vulcan Real Estate is planning a three-phase office project that could total up to 1 million square feet in three 16- to 17-story towers. The project site is currently home to the 60,000 square foot Bellevue Plaza, a 1960s-era retail complex located at 117 106th Ave. NE. Vulcan acquired the property, which sits on a 3.4-acre site, for $45.35 million in May 2016, which was the developer’s first property purchase outside of South Lake Union.

The project team will not break ground on the development until at least third quarter 2020, and while the developer has not yet submitted full project plans to the city of Bellevue, it has applied for a Master Development Permit and has submitted for administrative design review for the first phase of the project. The three office towers would range from 312,000 and 357,000 square feet.

On August 1st, 2018 Burnaby, British Columbia-based condo developer Bosa Development acquired a .4-acre lot in the Bellevue central business district. Bosa has a 21-story development in the works at the site right across from its under-construction 143-unit One88 condo project, and acquired the parcel from JH Choi LLC, an entity affiliated with Paul and Joyce Choi based in Bellevue, who operated the old Sushi Maru restaurant on the site.

According to a pre-development application filed with the city of Bellevue on July 26th, Bosa has plans for a 21-story tower in the works. The project, designed by Amanat Architect, will include 77 residential units, two levels of below-grade parking and 2,600 square feet of street-level retail space.