First Washington Realty has expanded its footprint in the Pacific Northwest with the acquisition of Evergreen Village, a grocery-anchored community shopping center in Bellevue, Washington. The property totals 123,562 square feet and adds to the firm's existing holdings in the region, bringing its Pacific Northwest portfolio to 2.3 million square feet.
Evergreen Village is anchored by a Safeway supermarket that has served the Bellevue community for more than 50 years. The center's tenant mix also includes fitness and dining concepts such as Edgeworks Climbing, Puetz Golf Superstore, and Starbucks, contributing to a blend of daily needs retail and experiential offerings on site.
Company leadership characterized Evergreen Village as closely aligned with First Washington Realty's investment strategy. Sarah Ellis, Managing Director, Investments, described the property as the type of grocery-anchored center the firm seeks out, citing its established neighborhood setting and Safeway's long-standing presence in the area as key attributes of the asset.
The center is located within one of the Pacific Northwest's most established retail corridors, in the heart of Bellevue's high-growth Eastside. From this position, Evergreen Village serves a dense local population and benefits from being in a rapidly expanding submarket that draws consistent consumer traffic.
Evergreen Village is also situated near several major regional employers, including Microsoft, Amazon, Meta, and T-Mobile. Proximity to these large corporate campuses supports daytime and evening demand for grocery, dining, and fitness uses, reinforcing the center's role as a community-serving retail destination.
First Washington Realty operates as a vertically integrated, institutional real estate investment firm focused on open-air retail. Its national portfolio comprises 138 open-air properties totaling more than 21.5 million square feet across 21 states and Washington, D.C. The acquisition of Evergreen Village adds another grocery-anchored asset to this platform and further concentrates the firm's exposure to necessity-based retail in a mature retail corridor.
With this transaction, First Washington Realty continues to scale its presence in the Pacific Northwest while maintaining a focus on community-oriented properties that feature established anchors and diversified tenant rosters. The combination of long-tenured grocery tenancy, complementary uses, and a location within a high-growth employment and population hub underscores the strategic importance of Evergreen Village within the company's broader open-air retail portfolio.
