Potential Development Site Trades Hands in Bellevue’s CBD for $31M
- Jun 17, 2013
Bellevue’s Central Business District is running out of room for development, as one of the last spots in the area that could support a large commercial building was recently snapped up in a $31 million deal. Kidder Matthews representatives Andy Miller, Jason Rosauer, Dave Speers and Rob Anderson handled the sale on behalf of longtime owners Milt and Sue Walter. The couple had owned the property for three decades prior to its recent trade to NIU Enterprises.
Located at 437-527 108th Ave. N.E., the 58,000-square foot property currently houses two restaurants, Las Margaritas and Nibbana. Given current zoning regulations in Bellevue’s CBD, the property could be torn down and become the site of a 450-foot tower. The fee paid by the new owner far outpaces the current per-square-foot rate, setting a new record at $535 per square foot. The previous record holder for the area was 10503 N.E. Fourth St., which in 2008 traded for $476 per square foot. Although coveted for a long time by potential buyers, 437-527 108th Ave. N.E. was only put up for sale in 2012.
Buyer NIU Enterprises is a limited liability company created by a Chinese investment group that seems intent on developing a new project, one that would take advantage of the growing appeal of Bellevue’s Central Business District. Kidder Matthews is one of the largest commercial real estate firms operating on the West Coast, offering a wide range of industry services.