It has been confirmed that Schnitzer West LLC has put The Shops at The Bravern up for sale. This includes 300,000 square feet of retail space, of which 85% is currently occupied.
Schnitzer West also owns the 2 apartment towers at The Bravern, but they are not for sale as a part of this deal. The 2 office towers that Microsoft occupies were sold in 2010 and are not for sale either.
In an interview with King 5, Dan Ivanoff, the Founder of Schnitzer West, admitted that the mixed-use building has been a challenge. Ivanoff states the reason for the sale reload for new potential developments.
Also interesting to note is that Kemper Freeman was approached last week to purchase the property and declined, siting that The Bravern is 8 blocks away from Bellevue Collection and that he had wished it was only 2 blocks away. Here is the entire quote from the interview:
“It’s taken me 67 years to do this,” he says, while looking at a map of his properties. “[They] were trying to do it overnight.” Kemper says he was approached last week to buy the property, but “That’s eight blocks away. I wish that it was two blocks away, that would help both of us. But there is no synergy between the two players.”
Schnitzer West was instrumental in the vision for the entire Bravern project and brought some of the world’s most premium retailers to Downtown Bellevue, such as Neiman Marcus, Jimmy Choo, Louis Vuitton, Hermes, and more.
It’s unknown how long it may take to find a buyer, but it’s likely that not much will change for customers before or after the property sells.
