REIT has purchased a thriving retail center in Bellevue’s Bel-Red Corridor for $49 million.
The Sternco Shopping Center, a 113,223-square foot center flanked by Asian Food Center, Goodwill, IHOP, India Super Market and other retailers, is 10.8-acres and fully leased.
Paul and Billy Sleeth of Colliers International brokered the deal from Sternco Center. Sternco was formerly known as NE 20th Street Properties.
Businesses in the complex include Pho Tai, Crossroads Appliance, Camms Cleaners, Red Wing Shoes & Factory Outlet, Little Garden Chinese Cuisine and many more.
Paul Sleeth, executive vice president at Colliers, explained the purchase for his client.
“The investment was purchased for its excellent current cash flow from very successful tenants and also provides a longer term redevelopment opportunity,” he said.
REIT, or Retail Opportunity Investments Corporation, owns properties all over the Northwest.
Colliers International Group Inc. is a commercial real estate service which employs more than 16,000 people in 67 countries. The Colliers International of Greater Seattle is a full service commercial real state firm with offices in Seattle and Bellevue.
Note: A previous version of this story erroneously claimed Colliers purchased the property. They brokered the deal.