Bellevue Plaza was just purchased by Vulcan Real Estate for $45.35 million. Located at 117 106th AVE NE, Vulcan’s first Bellevue property is a 1960s retail complex perfect for redevelopment.
Currently surrounded by 3 acres of parking, the Bellevue Plaza has no immediate plans for the lot but ideas and suggestions are currently in the works. Plans for housing and retail space are on the table but in the meantime, the developer will build out the current 60,000 square foot complex. It is currently one-quarter vacant.
Vulcan Real Estate has previously focused on Seattle’s South Lake Union neighborhood selling nearly $3 billion in assets to invest in properties and plans to develop new buildings and renovate existing ones. Unlike the previous developments, their Bellevue location will be more “conventional” with affordable units and retail expansions.
This downtown location is located across the street from 24 Hour Fitness and several prominent Bellevue retail outlets. Vulcan’s Vice President feels that the downtown area is home to a growing community as well as companies and businesses. With over 1,000 new apartment units and the $1.2 billion expansion of Bellevue Square, more outlying retail and housing unit may be needed. This purchase aligns with Vulcan’s strategy of buying urban infill properties that can be upgraded. The location has been home to smaller retail outlets but a redevelopment is consistent with the way Bellevue is going. Currently and until further plans are finalized, Vulcan has hired Wallace Properties to fill the plaza with more retail tenants.
Read more: Bellevue’s New Project for 176 New Homes
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