Cushman & Wakefield recently facilitated the sale of a 5,519-square-foot medical office building located at 1300 116th Avenue in Bellevue, Washington. The property sits on a large parcel and is planned for future redevelopment as a hotel.
Pat Mutzel, Senior Director of Cushman & Wakefield’s Private Capital Group in Seattle, successfully brokered the off-market deal. The buyer was Kauri Investments Ltd., based in Seattle. They purchased the property from Eye Clinic of Bellevue for $6.75 million.
Eye Clinic of Bellevue will continue to leaseback the entire building for several more years until Kauri Investments begins development on their new approximately 150-unit hotel project. At that time, Eye Clinic will relocate to a larger and more modern facility to continue their ophthalmology practice.
Kauri Investments currently owns six other hotel sites – three in Seattle and three in Medford, Oregon (one still under construction).
