Vulcan Snags First Bellevue, WA Asset for $45M

Vulcan Real Estate acquired Bellevue Plaza Shopping Center, a 1960s retail complex in downtown Bellevue, WA, for $45.3 million. The Seattle-based buyer is working on redevelopment plans for its first-ever asset in this city.

The new owner’s goal, in the meantime, is to fill up the 60,000-square-foot building that is 25 percent vacant. To that end, local company Wallace Properties has been retained to recruit more retail tenants to the plaza at 117 106th Ave. N.E.

An affiliate of Highlands Ranch, CO-based UDR sold the asset, which it had acquired for $31.5 million a decade ago.