Paul Allen’s Vulcan buys Bellevue Plaza

Vulcan Real Estate announced on Tuesday, May 3, that it had purchased Bellevue Plaza for $45.35 million.

Vulcan Real Estate announced on Tuesday, May 3, that it had purchased Bellevue Plaza for $45.35 million.

Bellevue Plaza, located at 117 106th Ave. NE, is along Main Street in Downtown Bellevue. The property covers 3.44 acres and includes a 60,000-square-foot retail complex. That complex is currently 75-percent leased, with tenants such as Hot Yoga Inc., Pogacha, Jimmy John’s and Toy’s Cafe.

Vulcan Real Estate directs all real estate investment for Paul Allen’s Vulcan Inc. Allen, owner of the Seattle Seahawks and Portland Trailblazers, has used his company to develop properties in South Lake Union.

The property is located blocks from Bellevue Downtown Park, the Bellevue Collection and the planned EastLink light rail station.

Ada Healey, vice president of real estate at Vulcan Inc., said the move was an opportunity to diversify assets in a growing community.

“Bellevue is a major economic driver in the region, and is home to a growing number of residents and companies,” she said. “Our purchase of Bellevue Plaza aligns with our focus on expanding our Pacific Northwest portfolio with value-add investments and urban infill projects.”

Vulcan has no immediate plans for Bellevue Plaza, but looks at a long-term vision for the site that will likely include new residential and retail uses. Wallace properties, Inc. will handle leasing of vacant spaces until then.

Vulcan has previously owned property in Bellevue, but Bellevue Plaza is the first in the central business district. To date, the company has provided 6.5 million square feet in 29 new office, biotech, residential and mixed-use projects, primarily in Seattl’es South Lake Union.

More in Business

Coding Dojo helps high school graduates more than double salaries by learning to code

70 percent of Coding Dojo graduates with degrees experience 58 percent increase in salaries.

New American Funding opens branch in Downtown Bellevue

The national mortgage lender opened the branch after recognizing the tremendous growth in the area.

Bellevue wealth advisor named to Forbes’ best-in-state list

Morgan Stanley announced that Jeff Mash, a managing director, senior portfolio management… Continue reading

Bellevue insurance agency recognized for exceptional volunteerism

A $5,000 donation will go to a nonprofit that funds cancer research.

Bellevue Chamber welcomes new board members

REI, T-Mobile and Overlake Hospital are just a few of the businesses represented.

Public Health shuts down Bellevue’s Lunchbox Laboratory for no hot water

The restaurant is currently rated as “Needs to Improve.”

Millennial entrepreneurs gearing up to launch crowdfunding campaign for Ombraz Sunglasses

For each pair of sunglasses sold, 20 trees will be planted.

Aegis Living opens senior assisted living community celebrating Chinese culture

Newcastle’s Aegis Gardens features cultural center and preschool open to community.

Baron’s Xi’an Kitchen and Bar to celebrate Chinese New Year

Baron’s Xi’an Kitchen and Bar, in the new Lincoln Square South, will… Continue reading

Bellevue jeweler announces top Valentine’s Day trends for 2018

Engagement ring store finds couples prefer to plan Valentine’s Day together.