Just days after Seattle-based Vulcan Real Estate closed on the $24,255,000 sale of two lots in Bellevue located at 435-437 108th Avenue NE, it took another parcel on the same block for $26 million, according to public documents filed with the county. The seller was Bellevue-based Silver Cloud, Inc., a hotel management service provider.
No information about Vulcan’s plans for the location were available at this time, but the accumulation of property in this very attractive corridor shows Vulcan is looking at the Bellevue submarket very seriously. When the company paid $45.35 million in May of 2016 to acquire its first Bellevue CBD location, the Bellevue Plaza, Ada M. Healey, vice president of real estate at Vulcan Inc. stated: “Bellevue is a major economic driver in the region, and is home to a growing number of residents and companies. 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 three purchases, the Bellevue Plaza along with these redevelopment opportunities, represent its first foray into the CBD.
The lots purchase last week and the one that closed today 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.