SRM Development is adding to its large Bellevue portfolio with its recent acquisition of The Radford Building. Located at 10423 Main Street, the 11,285 square-foot mixed-use building was owned by an affiliate of Radford & Company before being sold to SRM for $20 million, or about $1,772 per square foot, according to King County public records.
The two-story Radford building was built in 1979 and is currently occupied by a Subway at the ground floor level, while the upstairs is used as commercial office space. The property also has a parking lot with 44 parking spaces.
The office building adds to SRM’s growing Bellevue portfolio. Adjacent to the property, the company also owns several parcels of land along Bellevue Way and Main Street. According to previous reporting by The Registry, SRM has been acquiring strip mall properties at the large corner lot for the past several years for future development.
According to plans filed with the City, the proposed project at the site would be called 12 Bellevue Way and would offer 299 dwelling units as well as 265 parking spaces. Plans for the project were initially filed with the City in November of 2020.
The company began acquiring space for the project in 2019, according to previous reporting by The Registry. Most recently in July of 2021, the company purchased a 12,000 square-foot 7-Eleven property at 100 Bellevue Way SE. Prior to that, the company acquired two other properties, adding 0.54 acres to the development site. The first closed in 2019 for $3.25 million, while a second transaction closed in 2020 for $7.6 million. The properties are located at 12 Bellevue Way SE and 10415 Main Street, respectively.
New development at the site would add to SRM’s already sizable presence outside of downtown Bellevue. In 2015, the company also completed a nearby project at an adjacent parcel at the corner of Bellevue Way and Main Street. The multifamily development is called The Meyden and offers 256 apartment units as well as 32,000 square feet of retail space.