Kidder Mathews received the exclusive disposition assignment for this privately held asset in downtown Bellevue. The property consisted of four parcels on 58,000 sq ft of land in Bellevue’s highest zoned area. One office and one restaurant were on the site, but the highest and best use called for either an apartment or office building redevelopment to utilize the allowance in the zone and the demand in the market. A surface parking lot, managed by a local management company, also occupied the site and created a potential detriment in the sales process via a right of first refusal on the property.
The Sellers had owned the property for over thirty years while Bellevue, specifically downtown Bellevue, gentrified and developed all around the site. In the past five to ten years the Sellers got unsolicited offers to purchase the property almost monthly. Prior to Kidder Mathews receiving the disposition assignment, the Sellers received an unsolicited offer for the property from a regional developer near the high end of the range of offers for $18 million, or near $310/sq ft.