By Jack Stubbs
On Wednesday, August 29th, a three-parcel property in downtown Bellevue sold for more than $55 million, according to public records filed with King County. The buyer was Andy Lakha, a private investor based in Bellevue. The seller was Trilogy Equity Partners, a Bellevue-based company that invests in a variety of entrepreneurial and technology companies. The transaction was recorded on August 30th.
Trilogy Equity Partners could not be reached for comment in time for the publishing of this story.
The sale was for three adjacent parcels in downtown Bellevue located at 810, 826 and 832 102nd Ave. NE, according to public documents. The first parcel contains a two-story 4,585 square foot retail building constructed in 1969. The second parcel contains a 3,094 square foot retail store built in 1900, while the third parcel contains a 759 square foot retail store built in 1951.
According to Google Maps, some of the current tenants in the retail buildings include Pacific Alterations, Idee Chic Design, The Pedicure Lounge and Hartmanns Tailoring.
The three parcels occupy a prominent location in the heart of downtown Bellevue. The property is adjacent to the Bellevue Square shopping Mall and less than half a mile north of Bellevue Downtown Park. The property is also less than one mile from access to Interstate-405.
Since the company’s founding in 2006, Trilogy Equity Partners has invested over $200 million, according to its web site. Some of the company’s active investments include Amplero, JetClosing, FanVision, Job Align and Skilljar. Trilogy Equity Partners invests with its own capital so that it can “follow its passions regardless of stage, industry or sector.” The company typically supports its portfolio companies through both a direct and observational role, according to its web site.
The recently-sold retail buildings are less than one mile west of The Shops at Bravern, a three-story, 313,119 square foot retail complex that was put on the market by HFF in early April 2018. Developed in 2009, the retail village is part of a larger mixed-use project that consists of 455 luxury residential units and 750,000 square feet of Class A office space, which is 100 percent leased to Redmond-based Microsoft. The development also includes the Meydenbauer Center (a convention center that attracts around 150,000 visitors per year) and a seven-story parking garage that contains 3,130 stalls.
The retail space is also approximately one mile west of the One Twelfth and Twelfth office campus where another technology company is intent on expanding its footprint. Google recently signed an 80,000 square foot lease in the three-building One Twelfth @ Twelfth office campus just north of downtown Bellevue, according to an industry source with knowledge of the transaction, and plans to lease 30,000 more feet sometime in the near future. Google is taking at least four floors in the campus through a combination of direct leases and subleases.
