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CushWake Advises Sale of Bellevue MOB Slated for Hotel Redevelopment
Cushman & Wakefield has brokered the sale of a freestanding 5,519-square-foot medical office building on a uniquely large parcel located at 1300 116th Avenue in Bellevue, Washington, that is planned for future hotel redevelopment.
Cushman & Wakefield’s Pat Mutzel, Senior Director of the firm’s Private Capital Group in Seattle, brokered the off-market transaction. The buyer was Seattle-based Kauri Investments, Ltd., which acquired the property from Eye Clinic of Bellevue, the existing owner/occupier, for $6.75 million.
The Eye Clinic of Bellevue plans to continue to leaseback the entire property for a few more years around when Kauri Investments will start to develop the site into a new approximately 150-unit hotel project. At that time, the clinic will also move into a larger and more modern facility to operate its established ophthalmology practice.
Kauri also currently owns another six other hotel sites, three in the Seattle area and three in the Medford, Oregon area—one which is still being built.
