An office building and development site in Bellevue that was once leased the the Washington Department of Ecology has sold to developer Intracorp, Cushman & Wakefield announced this month.
Intracorp, along with equity partner HAL Real Estate, paid $18 million for the more than 60,000-square-foot office building and surrounding 3.6-acre development parcel at 3190 160th Avenue SE, which abuts I-90 in the Eastgate neighborhood. Plans for the early 1980s construction have been announced, although Intracorp is known as a homebuilder.
“This is a well-positioned site in the I-90 Corridor that is easily accessible via I-90 or I-405 and offers flexible zoning to enable a variety of investment options, including as a value-add office play or a residential redevelopment that is walkable and/or very close to employment, amenities, and freeways,” said Pat Mutzel of Cushman & Wakefield, who represented the seller in the transaction. “The Eastside is a suburban market known for its technology and innovation along with the presence of several major companies, which has driven greater demand for housing, especially in the longer-term. These adaptive re-use sites help bridge the gap between a weak office market and the need for housing communities in a scarce land market.”
Other participants in the deal from Cushman & Wakefield include Jeffrey Cole, Jeff Chiate, Bryce Aberg, Mike Adey, Nico Napolitano and Zach Harman. Cushman & Wakefield previously advised on the sale of the same property in December 2019, when it fetched $16.3 million.
While developing plans for the property, Intracorp may pursue short-term leases at the existing office building, according to Cushman & Wakefield.
Intracorp, based out of Vancouver, has embarked on several projects in Bellevue in the past.