By Jack Stubbs
As shown by a transaction that was recently recorded, on December 3rd, six buildings—located within the Apple Tree Plaza retail property in Bellevue and totaling approximately 55,000 square feet—sold for $16.3 million, according to King County records.
The buyer, LH Apple Tree LLC, shares the same address as Kirkland-based property management company DCL Management. The seller was SNS Investments LLC, an entity affiliated with Robert Sesnon based in Bellevue.
The recent transaction included four separate parcels located at 13600, 13606, 13622 and 13630 NE 20th Street, on which sit six buildings totaling roughly 55,000 square feet, according to public documents. The first two office/industrial buildings total just under 19,000 square feet; two adjacent industrial/flex buildings total just over 13,200 square feet, and the final two commercial/office buildings comprise around 23,000 square feet.
The properties share the same address as Apple Tree Plaza, although it is not entirely clear whether the entire retail property—which sits on just under three acres—was included in the recent transaction.
NAI Puget Sound Properties’ description of the property emphasizes its ideal location in Bellevue’s up-and-coming Spring District, with Apple Tree Plaza representing a unique potential redevelopment opportunity. “Existing short-term tenancies allow for maximum flexibility for development or repositioning of existing structures. [Apple Tree Plaza is] a blank canvas upon which the possibilities are many.”
Apple Tree Plaza is roughly four miles east of downtown Bellevue via State Route 520 and just under two miles north of the Crossroads Bellevue Shopping Center.