Seattle, WA (June 7, 2013) – One of the last remaining prime development sites in the Bellevue CBD has sold for $31 million. Kidder Mathews commercial real estate brokers Andy Miller, Jason Rosauer, Dave Speers, and Rob Anderson represented the sellers, retired dentist Milt Walter and his wife, Sue Walter.
The Walters have owned the approximately 58,000 square foot property, located at 437-527 108th Avenue N.E., for over 30 years. It’s currently the site of two restaurants, Las Margaritas and Nibbana, and could potentially be developed into a tower of up to 450 feet tall. Though there have been numerous inquiries from potential buyers over recent years, the property was only recently put on the market last year by Kidder Mathews.
NIU Enterprises, a limited liability company formed by a group of Chinese investors and companies, purchased the property for a record price of $535 per square foot. (The second highest price was logged in 2008 when Paccar paid $476 per square foot for a site at 10503 N.E. Fourth Street.)
About Kidder Mathews
Kidder Mathews is one of the largest independently owned commercial real estate firms on the West Coast, with over 420 real estate professionals and staff in 9 offices in Washington, Oregon, and California. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, sustainability, and project and construction management services for all property types. The firm performs $2.5 billion in transactions, manages over 25.6 million square feet of space, and conducts 1,300 appraisals annually. For more information, go to www.kiddermathews.com.
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