Onward Investors, a national commercial real estate investment and development firm, has sold Mercer Pointe, the former AAA office building in Bellevue, to Nicola Crosby Real Estate Management Ltd. for $26.7 million. The sale was brokered by CBRE Seattle.
Onward Investors purchased 71,329-square-foot Mercer Pointe in June 2016 and began construction to make improvements to fit the new headquarters of OfferUp, a rapidly growing Seattle-based online marketplace.
Renovations included remodeling of the entry lobby and common areas, vacancy preparation and select improvements to the building exterior. The two-story building also features covered parking. Additional improvements included an onsite fitness center, cafeteria and break room. Onward signed a lease agreement with OfferUp in May 2017, according to the company.
Mercer Pointe is located in a park-like setting in the Bellefield Office Park, near Downtown Bellevue. The office park consists of 65 acres and 16 buildings totaling 507,000 square feet.
Onward Investors has been involved in the greater Seattle area for years. In May 2016, Onward sold the Westview 522 business campus in Woodinville. Pine Forest Properties, Inc., a Washington corporation, purchased the campus for $32.2 million. The same month, Onward acquired Sammamish Park Place, a two-building, 202,544-square-foot office complex located in Issaquah. In 2011, Onward also acquired The Commencement, a 62-unit, luxury apartment complex in Ruston. The firm sold the property in 2013.
For more information, visit www.OnwardInvestors.com.