Home Commercial SRM Development Closes on Second Bellevue Asset for $17.3MM

SRM Development Closes on Second Bellevue Asset for $17.3MM

By Meghan Hall

SRM Development has expanded its Bellevue holdings for a second time in a month, this time acquiring a strip mall for $17.3 million, according to an announcement made by First Western Properties. The deal closed in June, and according to public records, the seller is affiliated with the Weiner Living Trust.

The property is located at 100 Bellevue Way SE. The 0.87-acre property is developed with a 12,000 square foot commercial building constructed in 1974. Current tenants within the strip center include 7-Eleven, Bella Cleaners, Premier Nails & Spa, and Calico Corners. 

The property is close to downtown Bellevue, including Bellevue Plaza, a shopping mall, and Bellevue Downtown Park. Numerous eateries such as Molly Moon’s Homemade Ice Cream, Blazing Bagels, Bambu and FOB Poke Bar are located nearby. 

Over the past several years, SRM Development purchased two adjacent parcels at the corner of Main St. and Bellevue Way SE. The initial transaction closed in 2019 for $3.25 million, while a subsequent transaction for another building closed in 2020 for $7.6 million. The properties are located at 12 Bellevue Way SE and 10415 Main St., respectively. Combined, the assets total about 0.54 acres.

In November of last year, SRM development filed initial plans to redevelop the property with a seven-story multifamily property. In all, the development will total 278 units and include 13,085 square feet of retail space. A 7,000 square foot plaza, as well as 298 parking spaces, are also planned. 

The project will feature a mix of studio, one- and two-bedroom apartments and amenities such as a rooftop deck and a club room.

Earlier in June, SRM Development purchased the Silver Cloud Inn for $30 million. The asset is located at 10621 NE 12th Street. King County parcel data shows that the site totals about 1.23 acres and is developed with a 40,642 square foot structure built in 1989. It is unclear at this time what long-term plans SRM Development has for the property.