On July 5th, 2017, Seattle-based Vulcan Real Estate completed a sale of two adjacent lots in Bellevue for $24,255,000, according to public documents. The two parcels total roughly 43,000 square feet and are located at 435-437 108th Avenue NE. The property today houses Oodles Noodles restaurant, Big Brains Education, Chinese Women’s Cancer Society and US Jiang Rong Xue Culture Exchange.
The seller was an entity called NIU Enterprises II LLC, which is associated with Jia Lin Niu and Troy McBride. This group had purchased the property in September of 2014 for $15.7 million, according to a report by the Puget Sound Business Journal. A representative of Vulcan declined to comment on the company’s plans for the location when reached via e-mail and would only confirm the purchase.
Vulcan, which has helped redevelop most of South Lake Union neighborhood in Seattle, has primarily focused on development opportunities there. However, in May of 2016 it made it’s first Bellevue investment in the Central Business District when it purchased Bellevue Plaza for $45.35 million. Similar to this location, Vulcan would not disclose any future plans for the property, stating only that it sees Bellevue as a long-term opportunity for the organization.
“Bellevue is a major economic driver in the region, and is home to a growing number of residents and companies,” said Ada M. Healey, vice president of real estate at Vulcan Inc. at the time “Our purchase of Bellevue Plaza aligns with our focus on expanding our Pacific Northwest portfolio with value-add investments and urban infill projects.”
Vulcan had owned several commercial properties in Bellevue, according to a statement, however these two properties represent its first foray into the CBD.
The two lots purchase earlier this week are on the same block as Bellevue Galleria, which has been renamed to Bellevue Connection. The, 203,685-square-foot property is owned by Madison Marquette and is a mixed-use center made up of food, retail and lifestyle services, as well as offices on three levels. Also on the same block is the Unico-owned One Bellevue Center, a 21-floor modern 365,000-square-foot office structure.