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.