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.