“Bellevue MOB Sale Facilitated by CushWake for Hotel Redevelopment Plans”

"Bellevue MOB Sale Facilitated by CushWake for Hotel Redevelopment Plans"

Cushman & Wakefield successfully facilitated the sale of a 5,519-square-foot medical office building located at 1300 116th Avenue in Bellevue, Washington. The property boasts 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, was responsible for brokering this 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 property for several more years while Kauri Investments prepares to develop it into an approximately 150-unit hotel project. During this time, Eye Clinic will also relocate to a larger and more modern facility that better suits their established ophthalmology practice.

Kauri currently owns six other hotel sites – three in Seattle and three in Medford, Oregon (one still under construction).

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

Share the Post:

Related Posts