“Bellevue MOB Set for Hotel Redevelopment, Advised by CushWake in Sale”

"Bellevue MOB Set for Hotel Redevelopment, Advised by CushWake in Sale"

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).

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.

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