A medical office building in Bellevue has sold to an investor with plans for a new hotel development, Cushman & Wakefield announced last week.
The property at 1300 116th Avenue, home to the Eye Clinic of Bellevue, has sold to Seattle-based Kauri Investments, Ltd. for $6.75 million. Kauri intends to raze the existing improvements to clear the way for the construction of a 150-room hotel.
The timing of the project will allow the Eye Clinic to remain on the site for the next few years under a leaseback agreement, while Kauri pursues redevelopment. After that point, the clinic will move into a new, larger facility.
The off-market deal was brokered by Pat Mutzel of Cushman & Wakefield's private capital group.
“The Wilburton area will become ‘Bellevue’s next urban mixed-use community’,” said Mutzel in a statement. "“This was a great deal for both parties, it was great to work with Kauri again and it’s also pleasing knowing that this transaction paves the foundation for the future growth of the clinic.”
In addition to the Bellevue site, Kauri also currently owns another three other hotel sites in the Seattle area.
