Home Commercial Sterling Realty Organization Co. Sells Campus Office Park in Bellevue for $18.4MM

Sterling Realty Organization Co. Sells Campus Office Park in Bellevue for $18.4MM

The Campus Office Park, a mix of medical and executive suites, located at 1601-1611 116th Ave. NE in Bellevue sold for $18.4 million to BTL US Investments Inc., associated with Runze Zhou of Vancouver, Canada. The seller was privately-owned, Bellevue-based Sterling Realty Organization Co., which specializes in the development and management of real estate.

The Class B and C office complex, comprised of four two-story buildings, was built in 1979 and sits on a 5.18 acre property. Sterling Realty Organization lists the property as having 36,378 square feet of rentable space and 257 parking stalls. The complex includes both covered and surface parking at four stalls per 1,000 square feet.

One of the buildings is a medical suite with multiple exam rooms and doctor offices. Connect Hearing, Monroe Therapeutic Massage, LabCorp, Northwest Natural Health, Synergy HomeCare, Optimal Life Wellness Center and Enterprise Washington are some of current tenants of the complex. Loopnet also lists at least one suite as a current sublease, with the expiration date in July of 2018.

The office park is located near I-405 and SR-520 and is just down up the street from Overlake Hospital, Group Health Hospital and Children’s Bellevue Clinic and Surgery Center. It’s also two miles from downtown Bellevue’s core and is near the Spring District development which is currently under construction.

Sterling Realty Organization manages about 1.9 million square feet of mostly retail, office and office park space in Washington and Oregon including the Factoria Campus and the Symetra Center in Bellevue, the Alderwood Business Campus in Lynnwood, the East Campus Corporate Park I in Federal Way and the Cascade Business Park in Issaquah among others.

John Coombs, vice president with the Broderick Group lists Sterling Realty Organization as a client.