Vulcan Real Estate made its first buy in downtown Bellevue by picking up the 60,000-square-foot Bellevue Plaza for $45.35 million
Vulcan Real Estate made its first buy in downtown Bellevue by picking up the 60,000-square-foot Bellevue Plaza for $45.35 million.
The retail complex, at 117 106th Ave. NE, sits on 3.4 acres and is about 75 percent leased, Vulcan said in a statement.
The new owner doesn’t have immediate plans to redevelop the shopping center, but plans to find new residential and retail uses for the property in the future. In the meantime, Wallace Properties will handle leasing.
“Bellevue is a major economic driver in the region, and is home to a growing number of residents and companies,” Ada Healey, vice president of real estate at Vulcan, said in a statement. “Our purchase of Bellevue Plaza aligns with our focus on expanding our Pacific Northwest portfolio with value-add investments and urban infill projects.”
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Vulcan Real Estate, started by Microsoft co-founder Paul Allen and most closely associated with development in Seattle’s South Lake Union area, manages close to $2 billion worth of real estate assets including office, biotech, residential, and mixed-use properties.