By Jack Stubbs
Just a few days after the Bellgrove Professional Building in Northwest Bellevue sold for $14.9 million, another medical property—located at the site of a proposed 7-story residential project— changed hands.
On June 17th, a three-parcel property located at 10050 NE 10th St. and described in public records as the Dental Arts Center and Condominum sold for $11.26 million, according to King County records.
The buyer of the property was Binjiang LP, an entity based in downtown Bellevue, and the seller was Aotong Bellevue 10th Street LLC associated with Jenny Li and located in Kirkland.
According to public documents, the sale included three separate parcels—comprising just under half an acre—that include a condo/medical building that was built in 1971 and totals 5,461 square feet.
It is not entirely clear what plans the buyer has for the recently-acquired parcels.
However, a description on Bellevue Downtown Association’s web site highlights the plans for Pyramid Residential, a proposed 7-story, 102-unit project currently undergoing design review that shares the same address as the recently-sold parcels along NE 10th St.
In the immediate vicinity to the Pyramid Residential Property, there are a number of other residential properties at various stages of construction, according to Bellevue Downtown Association’s web site.
Some of these include Continental Properties’ Bellevue Vuecrest Apartments located at 1000 100th Ave. NE, a five-story, 137-unit residential project; and Phase I of Mira Flats, a 6-story, 162-unit tower development located at 1085 103rd Ave NE that until recently was owned by Create World Real Estate.
Bellevue has seen a wave of interest from domestic investors and developers looking to take advantage of the Eastside’s growing residential market. Chinese development company Create World Real Estate broke into the market in August of 2015 with the construction of Mira Flats—and as Create World works its way through the entitlement process for the second phase of development, in late February 2019 the company sold off the original phase of Mira Flats for $68 million, or just under $420,000 per unit, to a Redmond-basedLLC named Mira Phase I.
Another in-the-works project located at 10400 NE 4th St. is Avenue Bellevue, where Fortress Group LLC is planning a two-tower project that will include hotel, condos and luxury apartments with a retail podium.
The recent sale of the dental/condominium building located at 10050 NE 10th St. is not the only medical/office property in Bellevue that has changed hands in recent weeks. On June 13th, the three-story Bellgrove Professional building located at 1515 116th Ave. NE within Bellevue’s main medical/hospital corridor sold for just under $15 million, with Sankalpa LLC acquiring the property from Seattle-based real estate owner and developer Henbart LLC.