The North Towne Shopping Center located along Bellevue Way Northeast was recently purchased for $14.5 million, according to King County property records. Most notably, QFC currently leases space on this property that is located in between downtown Bellevue and the onramp to 520 bridge.
According to NAI Puget Sound Properties, the 3.2-acres of land is 100% leased with stable occupancy history. The shopping center is currently leased by State Farm, Seymour’s Hair Salon, Subway, and QFC as previously mentioned. The development was originally built in 1957.
The family-owned property was reportedly sold by the Tomlinson Family to a buyer whose address matches that of real estate services firm, Trinity Real Estate.
The property was first listed for $16.5 million. The full address is 2636 Bellevue Way Northeast.
The description reads, “49,767 SF, QFC grocery-anchored center in coveted close-in Bellevue location. High traffic and tremendous visibility. Exceptional market area demographics. High growth and captive residential trade area. Barriers to entry. Upside potential in rents with long-term redevelopment opportunity.”
The listing now states that it is “in contract”. Dean Altaras and Billy Poll were the brokers for the property.
North Towne was tucked into the NW corner of Apple Valley. I moved to Apple Valley in 1954 into my parents new home. There was no North Towne but I think a gas station may have been where the current one is. I could be wrong on that. I think it was 1955 or 1956 when Olson’s Thriftway opened where the QFC is now. Disneyland had just opened too so Olson’s did a promotion to give away two tickets to Disneyland. My parents won the tickets. It was their first vacation ever. Problem was – it was just the tickets, nothing else. They had to drive down to Southern California. After a day at Disneyland, they drove back and that was before freeways. Fast forwarding a bit to when Brown’s Rexall Drugs, Ramona’s Café (now Close Encounter) and other small businesses were added. Brown’s was where every kid wanted to work because it was within walking distance to a lot of houses. I looked 12 years old when I was in high school and had a hard time getting a job in the early 60s since I had no professional work experience. So when I heard there was going to be an opening, I told Mr. Brown I would work for free just to get the experience. I got the job. It was not very long before he started paying me and in fact, paid for the time I willingly worked for free. I think his wife had something to do about that.
So many memories of North Towne and of that entire close-knit Apple Valley neighborhood where ‘everyone knew everyone’.
I sent in a comment a bit ago and decided to write a story about North Towne for my BHS ’64 newsletter and got to thinking about the sequence of owners. Probably no one cares but I have managed to narrow it down. If anyone is interested in the article I’m writing for our class newsletter, just let me know.
Is North Towne going to be torn down and or businesses replaced with Condo’s? I think gas station will stay forever. I also see North Towne park is now a place for homeless staying in park and trees.