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Underdeveloped Las Margaritas site sells for $31 million
A site that includes restaurants Las Margaritas and Thai joint Nibbana in a sea of downtown Bellevue high-rises, sold on Monday for $31 million. The 1.34 acre property located at 437-527 108th Ave Northeast had been privately owned for 30 years and went on sale in October of last year. Kidder Matthews represented the sellers, a retired dentist named Milt Walter and his wife Sue.
According to King County records from 2012, the Las Margaritas lot was appraised at $5.5 million and the neighboring location at $2.6 million. Though a small plot of land, it drew interest early on. The Walters were approached many times over the years, sometimes as often as once a week.
When the property went on sale in October, Bellevue city staff had already flagged the site, and several other downtown properties as underdeveloped, meaning that they were occupied by outdated buildings or could afford to grow taller with the central business district's dwindling high rise office space.
In the end, it sold to NIU Enterprises II LLC, a group of Chinese investors and companies. Zoning for the mixed use site would allow for a tower as high as 450 feet tall.