October 2, 2018– NKF Capital Markets has announced the $145 million sale of the Bellevue Central Business District Gateway Development Site, an 11.13-acre land parcel for development of a trophy, mixed-use project in Bellevue, WA. The site is a critical mass of land comprised of five separate parcels with development potential in excess of 2.5 million square feet.
NKF Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Ken White, Tim O’Keefe, Marty Leith, Paul Sleeth, and Billy Sleeth, Vice Chairman Nick Kucha and Senior Managing Director Michael Moll represented the seller, Fortin Group. The buyer, Canada-based Pinnacle International, was self-represented. Alex Foshay, NKF Vice Chairman, Divisional Head of International Capital Markets, spearheaded the global marketing program.
“This site offers the buyer a generational development opportunity with rare scale in a top coastal market,” said Shannon. “The momentum in the Bellevue CBD and the Puget Sound Region is fantastic.”
Foshay added, “An increasing number of overseas investors are currently seeking the enhanced returns offered by value-add and opportunistic investment strategies. The trophy characteristics offered by the Bellevue CBD Gateway site and the strong fundamentals of the market attracted an international investor pool, with our most aggressive buyer groups on this offering coming from Canada and Asia.”
“Bellevue has become a top tier investment market and we believe it is poised to experience dynamic growth over the next 10 years,” commented O’Keefe.
Located at 10116 NE 8th Street, 10112 NE 10th Street, 1111 102nd Avenue NE, and 1036 to 1044 100th Avenue NE, the site is located in the heart of the Bellevue Central Business District, one of the premier urban office, retail and residential markets in the Western United States. Currently, the site includes a retail center, an office building, an apartment property, a vacant lot and a single family home.
Bellevue is one of the most affluent cities in the state of Washington that boasts a highly educated workforce and ranks among the best places to live in the country. The Bellevue CBD’s population is growing exponentially and currently has more than 16,000 residents with an average age of 37.