Seattle-based Vulcan Real Estate announced today that it has purchased Bellevue Plaza for $45.35 million. The 3.44-acre property at 117 106th Avenue Northeast includes a 60,000-square-foot retail complex, and is roughly 75 percent leased. Current tenants include Hot Yoga, Pogacha, Jimmy John’s, and Toy’s Café.
“Bellevue is a major economic driver in the region, and is home to a growing number of residents and companies,” Ada M. Healey, vice president of real estate at Paul Allen’s Vulcan Inc., 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.”
Situated along Main Street between 106th and 105th avenues in downtown Bellevue, Bellevue Plaza is surrounded by Bellevue Downtown Park, Bellevue Square, and Lincoln Square. The property also is a short distance from the future East Main and Bellevue Downtown East Link light rail stations.
Vulcan said it has no immediate redevelopment plans for Bellevue Plaza but will create a long-term vision for the site that could include the development of new residential and retail uses. Leasing of vacant spaces will be handled by Wallace Properties.
Vulcan previously owned several commercial properties in Bellevue but this is the company’s first investment in the city’s central business district. The developer has multiple properties under development in Seattle’s South Lake Union neighborhood, including the Allen Institute, Amazon, and University of Washington medicine buildings.