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).
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