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OFFERING MEMORANDUM FOR SALE Bellevue CBD Land Development Opportunity
Kidder Mathews | Offering Memorandum 2
Table of Contents1. Executive Summary
• The Offering
• Location Aerial
2. Property Description
• Property Profile• Bellevue CBD Zoning• Location Overview• Future Light Rail• Amenities Map
3. Market Overview
• Puget Sound Overall Market• Bellevue CBD Development Pipeline• Sale Comparables
Bob ConradKidder [email protected]
Troy GesselAGM Commercial Real [email protected]
Offered by
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Kidder Mathews and should not be made available to any other person or entity without the written consent of Kidder Mathews.
This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Kidder Mathews has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Kidder Mathews has not verified, and will not verify, any of the information contained herein, nor has Kidder Mathews conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
This information has been secured from sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Recipient of this report must verify the information and bears all risk for any inaccuracies.
Kidder Mathews500 108th Avenue NE, Ste 2400Bellevue, WA 98004
kiddermathews.com
Kidder Mathews | Offering Memorandum 3
Executive SummaryTHE OFFERING
Kidder Mathews and AGM, as exclusive advisors, are pleased to present the investment offering of four land parcels totaling 31,718 gross square feet, located in one of the most sought after neighborhoods, Downtown Bellevue. The parcels are zoned DNTN-MU with three located in perimeter design sub district C and one parcel located in perimeter design sub district B.
The highest and best use of the property favors a residential development maximizing the current zoning which provides for 200’ height limit (sub district C) and 90’ height limit (sub district B) and a Floor Area Ratio (FAR) of 5.0.
Marketing Process
Ownership will consider all offers to purchase all parcels or individually.
PROPERTY OVERVIEW
Property Four (4) parcels in the Bellevue CBD
Address 138 107th Avenue NE 2,840 SF Retail Building
141 108th Avenue NE Land/Parking
129 108th Avenue NE (Pending) Land/Parking
123 108th Avenue NE (Pending) 2,024 SF Retail Building
Land Area 138 107th Avenue NE 7,932 SF
141 108th Avenue NE 7,932 SF
129 108th Avenue NE (Pending) 7,928 SF
123 108th Avenue NE (Pending) 7,926 SF
Pricing 138 107th Avenue NE $3,569,400 Total for 138 & 141 $7,138,800 ($450 / SF)
141 108th Avenue NE $3,569,400
129 108th Avenue NE (Pending) $3,567,600Total for 129 & 123$7,134,300 ($450 / SF)
123 108th Avenue NE (Pending) $3,566,700
Total Pricing for all Properties $14,273,100
Kidder Mathews | Offering Memorandum 4
LOCATION AERIAL
107t
h A
ve N
E
108t
h A
ve N
E
N
138 107TH AVE NE 141 108TH AVE NE
129 108TH AVE NE
123 108TH AVE NE
Kidder Mathews | Offering Memorandum 5
LOCATION AERIAL10
6th
Ave
NE
107t
h A
ve N
E
NE 2nd St
108t
h A
ve N
E
N
129 108TH AVE NE
138 107TH AVE NE141 108TH AVE NE
123 108TH AVE NE
Kidder Mathews | Offering Memorandum 6
Property Profile
PROPERTY PROFILE
Address Type Land Area Zoning
138 107th Avenue NE 2,840 SF Retail Building 7,932 SFDNTN-MU / Perimeter Design Subdistrict “C”
141 108th Avenue NE Land/Parking 7,932 SFDNTN-MU / Perimeter Design Subdistrict “C”
129 108th Avenue NE(Pending)
Land/Parking 7,928 SFDNTN-MU / Perimeter Design Subdistrict “C”
123 108th Avenue NE(Pending)
2,024 SF Retail Building 7,926 SFDNTN-MU / Perimeter Design Subdistrict “B”
Sam's Rest.& Lounge
Azteca
11000 MainLaw Offices
Toys 'R Us
OKI FoundationBellevue Chiropractic
Main StreetMarket Place
WallaceProperties
Coco's
Cascade Savings Bank
Per
sian
Gro
cery
& D
eli
Bellevue City Hall
Michael'sFine DryCleaning
Bellevue Paint
Main Street Plaza
JiffyLube
Meydenbauer Center
Windermere Real Estate
Broiler Bay
PawnX-Change
Spazzo'sMediterranean Grill
(Top Floor)
Key Bank Bldg.
SeaGarden Rest.
TheEscrowGroup
PIPPrinting Rogers
Fine Timepieces
GIA
Back StreetFrame & Art
Kennedy'sLamp & Shade
BellevueAuto House Inc.
Bonnell & Webb
Webb Bldg.Beck Bldg.
Rosie'sToo
BinyonFamily Eye Care
DecorCarpet
One
Alvin Goldfarb, Jeweler
Casa D's Taqueria
Liquor & Wine
7-11
Mark Allen Salon
Ballet ArtsCenter
Kin
g &
ITh
ai C
uisi
ne
Pet P
ros
Ultr
a C
usto
mC
lean
ing
Belle
vue
Anim
alH
ospi
tal
RadioShack
StampGallery KFC
Taco Bell
Cash Company Pawn Broker
(Upper Level)
Fastframe
ParkingGarage
ParkingGarage
ParkingGarage
JCPenny
Nordstrom
Bellevue Square
ParksideWool Co.
SuperiorAutomotive
Salute Rest.
BrantPhotographers
Chevron
Condos
Jose
ph's
Jew
elry
Boardwalk Shoe Repair
Bonney-WatsonBakker's Dry Cleaning
Quizno'sClassic Subs
June Salon
Chi
lds
Pla
yC
afe
Min
g's
Asi
an
Gal
lery
Mai
n S
treet
Flo
rist
Toy'
s C
afe
Car
Was
hB
udge
t Ren
t-a-C
ar
Hairacy Salon
Lower Level: Upper Level:Bellevue Plaza
LifewayChristian Stores
Pete's Wine Waters
Parker Paint
Pogacha Rest.
200 Plaza
BellevueFireplace Shop
A-Z Pharmacy& Medical Supply
Lawrencethe Florist
Dimensions Gallery
California Pizza Kitchen
SocialSecurityAdmin.
ScanDesign
Oriental Rug Co.
Paccar Building
Parking Garage
Bellevue Towers OneBellevue Center
FidelityInvestments
LasMargaritas
MexicanGrill
John Danz Building
Barnes &Noble Books
SymetraFinancialCenter
Starbucks Coffee
Com
pute
rs
Spec
ial N
ails
Upper Level:
400 Bldg.
City CenterBellevue
First MutualBank
Skyline Tower
Bellevue Transit Center
Bellevue Corporate Plaza
Parking Garage
FirstCongregational Church
YMCA
RaymerBuilding
Ashw
ood
Com
mon
s
Quadrant Plaza
ParkingGarage
Conner Bldg.
PacificRegent
Rosalie WhyelMuseum of Doll Art
PugetSoundBloodCenter
Verona
PugetSoundBlood Center
Michaels of Bellevue FullService Salon
Bellevue Vista
SilverCloud Inn
Gelati Place
Carlson Bldg.
LaborReady
Airlines TicketOffice: Alaska, United, Horizon, Northwest, Delta, American, USAir
Easy Choppersand Tattoos
BridalImages
Cascade Bldg.
Redwood Bldg.
Washington Mutual Bank
Wendy's
OfficesBellevue Place
OobaTooba's
Farmer
Country WideHome Loans
DentalCenter
AtriumBuilding
Face
tG
alle
ry
Check Masters
Kum
onPi
zza
Wasatch PropertyManagement
ContrologyBellevue
USBank
MedinaEye
European Tower
2120
Arby's
Nordic TrackFitness Center
PremierAutoSports
BellevueAlteration
HotYoga
MercedesSpecialist
ElliottTire & Service
Terri Nails
Lotte Teriyaki
Upper level
Courtyardby Mariott
Hyatt Regency of Bellevue
Chadfield'sA Sports Bar
ReedRevell &Pechar
Bellevue Park Condos
Bellevue Village
Sumiyoshi
Family Dentistry
Cambridge Village
PolynesiaApartments
LeChateauApartments
QFC Offices/Training
KeyBank
Columbia Bank
United States Post Office 98004
Del-TeetFurniture Interiors
Del-TeetWarehouse
BelgatePrinting & Copy
Tenth StreetProfessional Ctr
BellevueOral Surgery
Toni Maroni's Pizza
Belgate Plaza
Cat
Car
e C
linic
ShermanClay
Wells Fargo Bank
Bellevue North
AlohaCleaners
Dom
ino'
s
P
izza
Blockbuster Video
University Book Store
Pier 1Imports
OrvisSporting Store
DuxianaBurton Bldg.
Por
cello
Jew
eler
s
Sta
rbuc
ks
See'sCandies
HartmannsContinentalTailoring
Valentina'sTailoring &Alterations
Silb
erm
an/B
row
n S
tatio
ners
Pas
ta &
Co.
Mep
hist
o
Cost Plus Imports
BellevueRegional Library
Magic Wardrobe
QFC
Mr. JKitchenGourmet
McAusland Bldg.
Pochana Thai & Chinese Cuisine
K's Beverage House & Deli
Med
ina
Nai
ls
Mog
hul P
alac
e I
ndia
Cui
sine
Be
llevu
eBa
rber
Sho
p
Park
Row
Yuen LuiStudio
Property Development Corportation
InternationalJewelers
The Tux Shop
Upper Level: D'Original Jewelers
Marmot Mountain WorksBergman Luggage
Sleep County USA
Plaza Center
Jack InThe Box
FirstMutual Bank
Moltissimo Bldg.
Sim
ply
Sai
gon
Relax TheBack Store
Deli...of Europe
BellevueOldsmobile Cadillac
Washington Mutual
Washington Mutual Plaza
R&RAdult Toys
AmazonGrill
Christian Science Reading Room
Washington Mutual
Pacific InnApartments
2nd StreetApartments
WindermereReal Estate
Town & CountryCleaners
Upper Level: Barber
Corner Court
HaleysCottage
Medina Cleaners
Just Between Us Hair Salon, Ltd.
King Pastry and Deli
Mailboxes & More
Coldwell Banker Bain Associates
NAFICYPlastic Surgery CH2MHILL
Brocklind'sFormal Wear
Moms Maids And More
Doug Fox
TehminasHair Studio
Lower lever (L-R)The MailBoxDiscount 1Realty
StorablesExtra Space
Daycare
Main StreetBuilding
Pre Owned Cars
Choice Vacuum
BecksTailoring
TokyodoHair Salon
CurvesPacific Line Plaza
VILL
a Fi
neKi
tche
n &
Bat
h
Met
ropo
litan
Pro Nails
Caf
feC
occi
nella
Hou
seho
ld F
inan
ceG
arlic
Jim
's
Sta
te F
arm
Insu
ranc
e
Tabl
e To
p S
hop
Boa
rder
line
Sno
wbo
ards
Stu
rteva
nt's
Ser
vice
Cen
ter
Om
ega
Pho
to S
peci
alis
ts
MinutemanPress
Bartell Drugs
Lamb's Ears
PacificAlterations Watercolor
Studio
W.M
. Mun
dt R
ealit
y
Balc
ony
Sig
ns
Env
isio
n O
ptom
etry
Chr
istia
n Li
ons
Intl.
Inst
. of
Com
estic
Den
tistry
Pau
le A
ttar
Salo
n &
Spa
Mai
son
deFr
ance
DerekAndrew
Lens
craf
ters
KreissCollection
SmoothCorp.
Sparks
PalaceRugGallery
833 Bldg.
Tully'sCoffee
BevanJewelers
Elements
Bellevue Philharmonic
Tina Bridal BoutiqueHanh's TailorJet City
Pacific Dance CenterAvis
AminiLaw Firm
U.S. BankDrive-thru
Entranco
Union Bankof California
U.S. Bank Plaza
Park PlaceApts.
AshwoodCourt
OakwoodApartments
TheGardens
Charles Schwab
Bank ofAmerica
Bank ofAmerica
Barr
yBr
icke
n
Was
hbur
nPi
ano
Men'sWarehouse
The Galleria
Center 545
Starbucks
Pepper Jack's Restaurant
SterlingSavings
520 Building
INCA Building
Capri Italian &
InternationalFoods
UPS StoreTeriyaki Bowl
Nextel
Unique DesignJewelers
KohanaMongolian Grill
Mist on Tan
Hear USA
SushiYama
The Framery GalleryDaly's Paint & Stain Taco
Time
Byblos Deli
Starbucks
Kinkos
SportsAuthority
SecuritySafe & Lock Inc
QuiltworksJimmy John'sGourmet SandwichesTree of LifeGreat ClipsMamasanCelebration
GiftBaskets
Boyd'sof Bellevue
Chantanee Family Thai Rest. Pacific Tower
Cleaners
Villa FirenzeCondo Estate
College PlanningSolutions
Salon Rivera
Cigar Bound
OrexiRestaurant
Verizon
TheLearningGarden
Belle
vue
Gat
eway
GalleriaCinemas
Edward JonesInvestmentsClampitisCleaners
Matt's FamousChili Dogs
Sub
way
AMPCO ParkingSystem
BellevuePacific Tower
Rite Aid(LowerLevel)
Circle ofFriends
Your
Nai
ls
Spea
ker-
Tec
Tosh
i's T
eriy
aki
Antiq
ueC
lock
Rep
air
VideoMexico
Against The Elements Office
Depot
StarPlaza
Virginia MasonBellevue
Virginia MasonPhysical Therapy
Windermere Real Estate
Progressive Auto Ins.
ABCBuilders
Roger'sAutoSalon
Nina'sSalon
Creations Gallery
Diamond Banque Jewelry & Loan
Tren
d Im
ports
Auto Christmas
House
Westmark FinancialServices, Inc.
School of Fine Arts
LawOffice ofFitch andLudwick
Office FarmersInsurance
MainStreetDental
EssentialChiropractic andTherapeuticAssociates
Block Properties
Offices
Jasmine Thai &Chinese Cuisine
Radford Bldg.
(Upper Level)
Radford & Co. Realtors
Qwest
Greg's Greenlake Cycle
Subw
ay
Stat
e Fa
rm In
s.
H&
R B
lock
CalicoCorners
BellaCleaners
BradfordCenter
Wisbeck &FraserArchitects
Small WondersDaycare Center
Offices
OdegardBellevueApts
Lakeshore LearningStore
Plaza 305
Wells FargoPet's Choice
Bank ofBellevue
Pacific FirstHealth Club
Pacific First Plaza
SushiLand
Belle Arts
Offices SurryBuilding
The Seattle Times
MainStreetPlaza
Jennifers NailsMuseum Quality Framing
Bellevue Embroidery
Allied Mortgage
Upper Level:Alexandria Investment
Jurisco
Bellevue WayCleaners
MediterraneanKitchen
Hair Masters
TimelessElegance
LuckyGarden
Rudy's BarbershopHaafiza's Hair
Design
Mondrian
Studio Kinese
Ross& Co.
OrientalRug Co.
SassiCrystal Nails
HealthWise
LaCocinadel Puerco
Cookies InBloom
TheSophisicatedSwine
Jose
Her
nand
ezJe
wel
er
PatrinaCollections
BellaParties
KaedeJapanese
Kissa
Roo
f Wor
ksH
air S
alon
BayCityPrinting
InsightSpecialtees
La C
ourtu
riere
Appa
ral
Piro
uette
Caf
e
Beads &Beyond
Den
tist Kathryn
Huggins Salon
Strand HairSalon
Tinder Box
Brazen GroupReal Estate
Fran
's
Cho
cola
tes
Bella
mor
eLi
nger
ie
Gilb
ert's
Mai
n S
t. D
eli
TheMcKee
AlbashaCafe
The Seasons
First St.Fitness
Bout
ique
Chr
istia
ne
Your Hidden Closet
BellevueVacuum
Pet Stops Here
ForumPlaza
Bloo
mer
'sof
Bel
levu
eAm
ore
Cho
cola
tesNewport
House
Centerline Ski& Boot ServiceCarol Rose Antiques
Old
& E
lega
ntD
istri
butin
g
Bis
on M
ain
Mar
ie E
lain
eSa
lon
Main PlaceBldg.
Mustard Seed
H&R BlockPremium
InnovativeFitness
CourtyardOff Main
Hines BellevueOffice TowersTower 333
BayvueVillageApts.
The MeydenbauerRetirement Residence
Bellewood Condos
BlakemoreHouse
AstoriaCondominiums
Kaufman'sTall & BigMen's Shop
LimestoneCourt
Avalon Bellevue
BellevueArtMuseum
BorgataApts.
CivicaOfficeCommons
Pinnacle Bell Center
KeyCenter
Upper Level:Am ExpressTravel Services
Money Tree
Sheraton
Red LionBellevue Inn
Macys
ExcaliburApartments
NibbanaThai Cookery
Betts, Austin, George
Apartments
PugetSoundEnergy
PapaJohns
Nat
ure'
sP
antry
Yves
Del
orm
e
Kur
t'sS
kin
Car
e
Des
ert
Sun
La S
eren
ityS
pa
Aqua Quip
Crate & Barrel
E. E. Robbins
Aaron BrothersFrameShop
Footzone Masins FineFurnishings
SirGallahad Apts
Tully's
Chipotle& JambaJuice
SeastarRest.
SummitOfficeTowers
Abella Condos
InsuranceAdjustor
TapHouseGrill
RockBottom
GeneJuarezSalon
Palazzo II
Palazzo I
Wha
tth
e Ph
o
Mat
urni
tyFa
ctur
eBe
llevu
eN
ails
Thai
Gril
l
Chutneys
Foundation Bank
OnyxSoftware
MulvannyG2Architecture
One TwelfthAt Twelfth
LibrarySquareCondos
Fatburger--Baja Fresh
WSDOTOffices
1200 Bellevue Way
R-10
R-20
DNTNO-1DNTNO-2
R-10
DNTNOLB
R-30
R-30
DNTN-MUR-30
DNTNO-2
DNTN-OB
R-30
O
PO
PO PO PO PO PO
PO
PO PO PO
O PO
R-30 R-30R-30R-30
OO PO R-20
R-30OR-30
R-20
R-10R-20O
OO
R-20
R-20O
R-30OLB
R-20
DNTNOLB
DNTN-MU
DNTN-R
DNTN-R
DNTN-MU
OLB
OLBDNTNO-2
R-4
O
OLB
OLBOLB
OLB
R-3.5
R-4
OR-30
100T
H A
VE N
E
NE 8TH ST
108T
H A
VE S
E
NE 4TH ST
111T
H A
VE N
E
108T
H A
VE N
E
NE 12TH ST
110T
HA
VE N
E
114THA
VE NE
MAINST
102ND
AVE N
E
106T
H A
VE S
E
MAIN ST
105T
H A
VE S
E
NE 10TH STNE 10TH ST
108T
H A
VE N
E
NE 9TH ST
NE 10TH ST
NE 5TH ST
NE 11TH ST
102N
D A
VE N
E
NE 4TH ST
BELFAIRLN
110T
HA
VE N
E
NE 12TH ST
LAKEWASHINGTON
BLVD NE
NE 1ST PL
NE 11TH ST
NE 4TH ST
NE 12TH ST
NE 2ND STNE 2ND ST
NE 10TH ST
108T
H A
VE N
E
111T
H A
VE S
E
110T
HPL
SE
110T
H A
VE S
E
NE 4TH ST
NE 6TH ST
103R
D A
VE N
EMEYDENBAUERWAY SE
100T
HAV
E SE
NE 1ST ST
BEL
LEVU
E W
AY
SE
NE 8TH ST
NE 12TH STNE 12TH ST
BEL
LEVU
E W
AY
NE
110T
H A
VE N
E
100T
H A
VE N
E
SE 2ND ST
112T
H A
VE S
ESE 1ST ST
SE 2ND ST
112T
H A
VE N
E
NE 10TH ST
111T
H A
VE N
E
SE 1ST PL
106T
H P
L N
E
NE 12TH PL
NE 12TH
PL
112T
H A
VE N
E
BEL
LEVU
E W
AY
NE
NE 9TH PL
NE 3RD PL
110T
H A
VE N
E
101S
TA
VE N
E
BEL
LEVU
E W
AY
NE
NE 1ST ST
MAIN ST
NE 10TH ST
NE 4TH ST
110T
H A
VE N
E
110T
H P
L SE
NE 2ND ST
NE 3RD ST
SE CLIFF PL
106TH A
VE NE NE 9TH ST
108T
H A
VE N
E
100T
H A
VE N
E
109T
H A
VE N
E
110T
H A
VE N
E
NE 2ND ST
101S
T A
VE S
E
NE 2ND ST
114TH A
VE SE
109T
H A
VE S
E
111T
H A
VE N
E
MAIN ST
106T
H P
L N
E
MAIN ST
107T
H A
VE S
E
NE 13TH ST
NE 12TH ST
111T
H A
VE N
E
108TH AVE NE
108T
H A
VE N
E
102N
D A
VE N
E
106T
H A
VE N
E
BEL
LEVU
E W
AY
NE
NE 10TH ST
NE 2ND ST
112T
H A
VE N
E
NE 2ND PL
106T
H A
VE N
E
NE 8TH STNE 8TH ST
BEL
LEVU
E W
AY
NE10
2ND
AVE
NE
110T
H A
VE N
E
NE 6TH ST
NE 8TH ST
NE 8TH ST
BEL
LEVU
E W
AY
NE
NE 4TH ST
105T
H A
VE N
E
110T
H A
VE N
E
106T
H A
VE N
E
NE 1ST ST
NE 1
3TH
ST
106T
HPL
NE
NE 6TH ST
106T
H A
VE N
E
107T
H A
VE N
E
108T
H A
VE N
E
112T
H A
VE N
E
108T
H A
VE N
E
NE 10TH ST
110T
H A
VE N
E
112T
H A
VE N
E
105T
H A
VE S
E
112T
H A
VE N
E11
2TH
AVE
NE
102N
D A
VE S
E
NE 12TH PL
100T
H A
VE N
E
114T
H A
VE N
E
NE 4TH ST
City ofBellevueGIS Services
Bellevue Downtown Zoning and Design Districts
This data is a geographic representation derived from theCity of Bellevue Geographic Information System. The Cityof Bellevue does not guarantee that the informationprovided herein is accurate or complete. This information isprovided on an "as is" basis and disclaims all warranties,express or implied, including but not limited to warranties ofmerchantability, fitness for a particular purpose and non-infringement. Any commercial use or sale of the informationand data provided herein, or portions thereof, is prohibitedwithout express written authorization by the City ofBellevue. The City of Bellevue is not responsible for anydamages arising from the use of this data. Users shouldverify the information before making project commitments.
ZoningSingle FamilyMulti FamilyOfficeCommercialMedical Institution
Design DistrictsSubdistrict ASubdistrict BSubdistrict CDowntown CoreDowntown SubareaBuildings
Perimeter Design Districts Adopted October 1985 Ordinance 4268
Core Design District Adopted August 1981 Amended November 1986 Ordinance 3723
SourcesCity of Bellevue
48,000
Feet
Date: 11/14/2011 File Name: V:\pcd\arcgis\cbd_colorzon_28x40.mxd IT Department
Legend
Sam's Rest.& Lounge
Azteca
11000 MainLaw Offices
Toys 'R Us
OKI FoundationBellevue Chiropractic
Main StreetMarket Place
WallaceProperties
Coco's
Cascade Savings Bank
Per
sian
Gro
cery
& D
eli
Bellevue City Hall
Michael'sFine DryCleaning
Bellevue Paint
Main Street Plaza
JiffyLube
Meydenbauer Center
Windermere Real Estate
Broiler Bay
PawnX-Change
Spazzo'sMediterranean Grill
(Top Floor)
Key Bank Bldg.
SeaGarden Rest.
TheEscrowGroup
PIPPrinting Rogers
Fine Timepieces
GIA
Back StreetFrame & Art
Kennedy'sLamp & Shade
BellevueAuto House Inc.
Bonnell & Webb
Webb Bldg.Beck Bldg.
Rosie'sToo
BinyonFamily Eye Care
DecorCarpet
One
Alvin Goldfarb, Jeweler
Casa D's Taqueria
Liquor & Wine
7-11
Mark Allen Salon
Ballet ArtsCenter
Kin
g &
ITh
ai C
uisi
ne
Pet P
ros
Ultr
a C
usto
mC
lean
ing
Belle
vue
Anim
alH
ospi
tal
RadioShack
StampGallery KFC
Taco Bell
Cash Company Pawn Broker
(Upper Level)
Fastframe
ParkingGarage
ParkingGarage
ParkingGarage
JCPenny
Nordstrom
Bellevue Square
ParksideWool Co.
SuperiorAutomotive
Salute Rest.
BrantPhotographers
Chevron
Condos
Jose
ph's
Jew
elry
Boardwalk Shoe Repair
Bonney-WatsonBakker's Dry Cleaning
Quizno'sClassic Subs
June Salon
Chi
lds
Pla
yC
afe
Min
g's
Asi
an
Gal
lery
Mai
n S
treet
Flo
rist
Toy'
s C
afe
Car
Was
hB
udge
t Ren
t-a-C
ar
Hairacy Salon
Lower Level: Upper Level:Bellevue Plaza
LifewayChristian Stores
Pete's Wine Waters
Parker Paint
Pogacha Rest.
200 Plaza
BellevueFireplace Shop
A-Z Pharmacy& Medical Supply
Lawrencethe Florist
Dimensions Gallery
California Pizza Kitchen
SocialSecurityAdmin.
ScanDesign
Oriental Rug Co.
Paccar Building
Parking Garage
Bellevue Towers OneBellevue Center
FidelityInvestments
LasMargaritas
MexicanGrill
John Danz Building
Barnes &Noble Books
SymetraFinancialCenter
Starbucks Coffee
Com
pute
rs
Spec
ial N
ails
Upper Level:
400 Bldg.
City CenterBellevue
First MutualBank
Skyline Tower
Bellevue Transit Center
Bellevue Corporate Plaza
Parking Garage
FirstCongregational Church
YMCA
RaymerBuilding
Ashw
ood
Com
mon
s
Quadrant Plaza
ParkingGarage
Conner Bldg.
PacificRegent
Rosalie WhyelMuseum of Doll Art
PugetSoundBloodCenter
Verona
PugetSoundBlood Center
Michaels of Bellevue FullService Salon
Bellevue Vista
SilverCloud Inn
Gelati Place
Carlson Bldg.
LaborReady
Airlines TicketOffice: Alaska, United, Horizon, Northwest, Delta, American, USAir
Easy Choppersand Tattoos
BridalImages
Cascade Bldg.
Redwood Bldg.
Washington Mutual Bank
Wendy's
OfficesBellevue Place
OobaTooba's
Farmer
Country WideHome Loans
DentalCenter
AtriumBuilding
Face
tG
alle
ry
Check Masters
Kum
onPi
zza
Wasatch PropertyManagement
ContrologyBellevue
USBank
MedinaEye
European Tower
2120
Arby's
Nordic TrackFitness Center
PremierAutoSports
BellevueAlteration
HotYoga
MercedesSpecialist
ElliottTire & Service
Terri Nails
Lotte Teriyaki
Upper level
Courtyardby Mariott
Hyatt Regency of Bellevue
Chadfield'sA Sports Bar
ReedRevell &Pechar
Bellevue Park Condos
Bellevue Village
Sumiyoshi
Family Dentistry
Cambridge Village
PolynesiaApartments
LeChateauApartments
QFC Offices/Training
KeyBank
Columbia Bank
United States Post Office 98004
Del-TeetFurniture Interiors
Del-TeetWarehouse
BelgatePrinting & Copy
Tenth StreetProfessional Ctr
BellevueOral Surgery
Toni Maroni's Pizza
Belgate Plaza
Cat
Car
e C
linic
ShermanClay
Wells Fargo Bank
Bellevue North
AlohaCleaners
Dom
ino'
s
P
izza
Blockbuster Video
University Book Store
Pier 1Imports
OrvisSporting Store
DuxianaBurton Bldg.
Por
cello
Jew
eler
s
Sta
rbuc
ks
See'sCandies
HartmannsContinentalTailoring
Valentina'sTailoring &Alterations
Silb
erm
an/B
row
n S
tatio
ners
Pas
ta &
Co.
Mep
hist
o
Cost Plus Imports
BellevueRegional Library
Magic Wardrobe
QFC
Mr. JKitchenGourmet
McAusland Bldg.
Pochana Thai & Chinese Cuisine
K's Beverage House & Deli
Med
ina
Nai
ls
Mog
hul P
alac
e I
ndia
Cui
sine
Be
llevu
eBa
rber
Sho
p
Park
Row
Yuen LuiStudio
Property Development Corportation
InternationalJewelers
The Tux Shop
Upper Level: D'Original Jewelers
Marmot Mountain WorksBergman Luggage
Sleep County USA
Plaza Center
Jack InThe Box
FirstMutual Bank
Moltissimo Bldg.
Sim
ply
Sai
gon
Relax TheBack Store
Deli...of Europe
BellevueOldsmobile Cadillac
Washington Mutual
Washington Mutual Plaza
R&RAdult Toys
AmazonGrill
Christian Science Reading Room
Washington Mutual
Pacific InnApartments
2nd StreetApartments
WindermereReal Estate
Town & CountryCleaners
Upper Level: Barber
Corner Court
HaleysCottage
Medina Cleaners
Just Between Us Hair Salon, Ltd.
King Pastry and Deli
Mailboxes & More
Coldwell Banker Bain Associates
NAFICYPlastic Surgery CH2MHILL
Brocklind'sFormal Wear
Moms Maids And More
Doug Fox
TehminasHair Studio
Lower lever (L-R)The MailBoxDiscount 1Realty
StorablesExtra Space
Daycare
Main StreetBuilding
Pre Owned Cars
Choice Vacuum
BecksTailoring
TokyodoHair Salon
CurvesPacific Line Plaza
VILL
a Fi
neKi
tche
n &
Bat
h
Met
ropo
litan
Pro Nails
Caf
feC
occi
nella
Hou
seho
ld F
inan
ceG
arlic
Jim
's
Sta
te F
arm
Insu
ranc
e
Tabl
e To
p S
hop
Boa
rder
line
Sno
wbo
ards
Stu
rteva
nt's
Ser
vice
Cen
ter
Om
ega
Pho
to S
peci
alis
ts
MinutemanPress
Bartell Drugs
Lamb's Ears
PacificAlterations Watercolor
Studio
W.M
. Mun
dt R
ealit
y
Balc
ony
Sig
ns
Env
isio
n O
ptom
etry
Chr
istia
n Li
ons
Intl.
Inst
. of
Com
estic
Den
tistry
Pau
le A
ttar
Salo
n &
Spa
Mai
son
deFr
ance
DerekAndrew
Lens
craf
ters
KreissCollection
SmoothCorp.
Sparks
PalaceRugGallery
833 Bldg.
Tully'sCoffee
BevanJewelers
Elements
Bellevue Philharmonic
Tina Bridal BoutiqueHanh's TailorJet City
Pacific Dance CenterAvis
AminiLaw Firm
U.S. BankDrive-thru
Entranco
Union Bankof California
U.S. Bank Plaza
Park PlaceApts.
AshwoodCourt
OakwoodApartments
TheGardens
Charles Schwab
Bank ofAmerica
Bank ofAmerica
Barr
yBr
icke
n
Was
hbur
nPi
ano
Men'sWarehouse
The Galleria
Center 545
Starbucks
Pepper Jack's Restaurant
SterlingSavings
520 Building
INCA Building
Capri Italian &
InternationalFoods
UPS StoreTeriyaki Bowl
Nextel
Unique DesignJewelers
KohanaMongolian Grill
Mist on Tan
Hear USA
SushiYama
The Framery GalleryDaly's Paint & Stain Taco
Time
Byblos Deli
Starbucks
Kinkos
SportsAuthority
SecuritySafe & Lock Inc
QuiltworksJimmy John'sGourmet SandwichesTree of LifeGreat ClipsMamasanCelebration
GiftBaskets
Boyd'sof Bellevue
Chantanee Family Thai Rest. Pacific Tower
Cleaners
Villa FirenzeCondo Estate
College PlanningSolutions
Salon Rivera
Cigar Bound
OrexiRestaurant
Verizon
TheLearningGarden
Belle
vue
Gat
eway
GalleriaCinemas
Edward JonesInvestmentsClampitisCleaners
Matt's FamousChili Dogs
Sub
way
AMPCO ParkingSystem
BellevuePacific Tower
Rite Aid(LowerLevel)
Circle ofFriends
Your
Nai
ls
Spea
ker-
Tec
Tosh
i's T
eriy
aki
Antiq
ueC
lock
Rep
air
VideoMexico
Against The Elements Office
Depot
StarPlaza
Virginia MasonBellevue
Virginia MasonPhysical Therapy
Windermere Real Estate
Progressive Auto Ins.
ABCBuilders
Roger'sAutoSalon
Nina'sSalon
Creations Gallery
Diamond Banque Jewelry & Loan
Tren
d Im
ports
Auto Christmas
House
Westmark FinancialServices, Inc.
School of Fine Arts
LawOffice ofFitch andLudwick
Office FarmersInsurance
MainStreetDental
EssentialChiropractic andTherapeuticAssociates
Block Properties
Offices
Jasmine Thai &Chinese Cuisine
Radford Bldg.
(Upper Level)
Radford & Co. Realtors
Qwest
Greg's Greenlake Cycle
Subw
ay
Stat
e Fa
rm In
s.
H&
R B
lock
CalicoCorners
BellaCleaners
BradfordCenter
Wisbeck &FraserArchitects
Small WondersDaycare Center
Offices
OdegardBellevueApts
Lakeshore LearningStore
Plaza 305
Wells FargoPet's Choice
Bank ofBellevue
Pacific FirstHealth Club
Pacific First Plaza
SushiLand
Belle Arts
Offices SurryBuilding
The Seattle Times
MainStreetPlaza
Jennifers NailsMuseum Quality Framing
Bellevue Embroidery
Allied Mortgage
Upper Level:Alexandria Investment
Jurisco
Bellevue WayCleaners
MediterraneanKitchen
Hair Masters
TimelessElegance
LuckyGarden
Rudy's BarbershopHaafiza's Hair
Design
Mondrian
Studio Kinese
Ross& Co.
OrientalRug Co.
SassiCrystal Nails
HealthWise
LaCocinadel Puerco
Cookies InBloom
TheSophisicatedSwine
Jose
Her
nand
ezJe
wel
er
PatrinaCollections
BellaParties
KaedeJapanese
Kissa
Roo
f Wor
ksH
air S
alon
BayCityPrinting
InsightSpecialtees
La C
ourtu
riere
Appa
ral
Piro
uette
Caf
e
Beads &Beyond
Den
tist Kathryn
Huggins Salon
Strand HairSalon
Tinder Box
Brazen GroupReal Estate
Fran
's
Cho
cola
tes
Bella
mor
eLi
nger
ie
Gilb
ert's
Mai
n S
t. D
eli
TheMcKee
AlbashaCafe
The Seasons
First St.Fitness
Bout
ique
Chr
istia
ne
Your Hidden Closet
BellevueVacuum
Pet Stops Here
ForumPlaza
Bloo
mer
'sof
Bel
levu
eAm
ore
Cho
cola
tesNewport
House
Centerline Ski& Boot ServiceCarol Rose Antiques
Old
& E
lega
ntD
istri
butin
g
Bis
on M
ain
Mar
ie E
lain
eSa
lon
Main PlaceBldg.
Mustard Seed
H&R BlockPremium
InnovativeFitness
CourtyardOff Main
Hines BellevueOffice TowersTower 333
BayvueVillageApts.
The MeydenbauerRetirement Residence
Bellewood Condos
BlakemoreHouse
AstoriaCondominiums
Kaufman'sTall & BigMen's Shop
LimestoneCourt
Avalon Bellevue
BellevueArtMuseum
BorgataApts.
CivicaOfficeCommons
Pinnacle Bell Center
KeyCenter
Upper Level:Am ExpressTravel Services
Money Tree
Sheraton
Red LionBellevue Inn
Macys
ExcaliburApartments
NibbanaThai Cookery
Betts, Austin, George
Apartments
PugetSoundEnergy
PapaJohns
Nat
ure'
sP
antry
Yves
Del
orm
e
Kur
t'sS
kin
Car
e
Des
ert
Sun
La S
eren
ityS
pa
Aqua Quip
Crate & Barrel
E. E. Robbins
Aaron BrothersFrameShop
Footzone Masins FineFurnishings
SirGallahad Apts
Tully's
Chipotle& JambaJuice
SeastarRest.
SummitOfficeTowers
Abella Condos
InsuranceAdjustor
TapHouseGrill
RockBottom
GeneJuarezSalon
Palazzo II
Palazzo I
Wha
tth
e Ph
o
Mat
urni
tyFa
ctur
eBe
llevu
eN
ails
Thai
Gril
l
Chutneys
Foundation Bank
OnyxSoftware
MulvannyG2Architecture
One TwelfthAt Twelfth
LibrarySquareCondos
Fatburger--Baja Fresh
WSDOTOffices
1200 Bellevue Way
R-10
R-20
DNTNO-1DNTNO-2
R-10
DNTNOLB
R-30
R-30
DNTN-MUR-30
DNTNO-2
DNTN-OB
R-30
O
PO
PO PO PO PO PO
PO
PO PO PO
O PO
R-30 R-30R-30R-30
OO PO R-20
R-30OR-30
R-20
R-10R-20O
OO
R-20
R-20O
R-30OLB
R-20
DNTNOLB
DNTN-MU
DNTN-R
DNTN-R
DNTN-MU
OLB
OLBDNTNO-2
R-4
O
OLB
OLBOLB
OLB
R-3.5
R-4
OR-30
100T
H A
VE N
E
NE 8TH ST
108T
H A
VE S
E
NE 4TH ST
111T
H A
VE N
E
108T
H A
VE N
E
NE 12TH ST
110T
HA
VE N
E
114THA
VE NE
MAINST
102ND
AVE N
E
106T
H A
VE S
E
MAIN ST
105T
H A
VE S
E
NE 10TH STNE 10TH ST
108T
H A
VE N
E
NE 9TH ST
NE 10TH ST
NE 5TH ST
NE 11TH ST
102N
D A
VE N
E
NE 4TH ST
BELFAIRLN
110T
HA
VE N
E
NE 12TH ST
LAKEWASHINGTON
BLVD NE
NE 1ST PL
NE 11TH ST
NE 4TH ST
NE 12TH ST
NE 2ND STNE 2ND ST
NE 10TH ST
108T
H A
VE N
E
111T
H A
VE S
E
110T
HPL
SE
110T
H A
VE S
E
NE 4TH ST
NE 6TH ST
103R
D A
VE N
E
MEYDENBAUERWAY SE
100T
HAV
E SE
NE 1ST ST
BEL
LEVU
E W
AY
SE
NE 8TH ST
NE 12TH STNE 12TH ST
BEL
LEVU
E W
AY
NE
110T
H A
VE N
E
100T
H A
VE N
E
SE 2ND ST
112T
H A
VE S
ESE 1ST ST
SE 2ND ST
112T
H A
VE N
E
NE 10TH ST
111T
H A
VE N
E
SE 1ST PL
106T
H P
L N
E
NE 12TH PL
NE 12TH
PL
112T
H A
VE N
E
BEL
LEVU
E W
AY
NE
NE 9TH PL
NE 3RD PL
110T
H A
VE N
E
101S
TA
VE N
E
BEL
LEVU
E W
AY
NE
NE 1ST ST
MAIN ST
NE 10TH ST
NE 4TH ST
110T
H A
VE N
E
110T
H P
L SE
NE 2ND ST
NE 3RD ST
SE CLIFF PL
106TH A
VE NE NE 9TH ST
108T
H A
VE N
E
100T
H A
VE N
E
109T
H A
VE N
E
110T
H A
VE N
E
NE 2ND ST
101S
T A
VE S
E
NE 2ND ST
114TH A
VE SE
109T
H A
VE S
E
111T
H A
VE N
E
MAIN ST
106T
H P
L N
E
MAIN ST
107T
H A
VE S
E
NE 13TH ST
NE 12TH ST
111T
H A
VE N
E
108TH AVE NE
108T
H A
VE N
E
102N
D A
VE N
E
106T
H A
VE N
E
BEL
LEVU
E W
AY
NE
NE 10TH ST
NE 2ND ST
112T
H A
VE N
E
NE 2ND PL
106T
H A
VE N
E
NE 8TH STNE 8TH ST
BEL
LEVU
E W
AY
NE10
2ND
AVE
NE
110T
H A
VE N
E
NE 6TH ST
NE 8TH ST
NE 8TH ST
BEL
LEVU
E W
AY
NE
NE 4TH ST
105T
H A
VE N
E
110T
H A
VE N
E
106T
H A
VE N
E
NE 1ST ST
NE 1
3TH
ST
106T
HPL
NE
NE 6TH ST
106T
H A
VE N
E
107T
H A
VE N
E
108T
H A
VE N
E
112T
H A
VE N
E
108T
H A
VE N
E
NE 10TH ST
110T
H A
VE N
E
112T
H A
VE N
E
105T
H A
VE S
E
112T
H A
VE N
E11
2TH
AVE
NE
102N
D A
VE S
E
NE 12TH PL
100T
H A
VE N
E
114T
H A
VE N
E
NE 4TH ST
City ofBellevueGIS Services
Bellevue Downtown Zoning and Design Districts
This data is a geographic representation derived from theCity of Bellevue Geographic Information System. The Cityof Bellevue does not guarantee that the informationprovided herein is accurate or complete. This information isprovided on an "as is" basis and disclaims all warranties,express or implied, including but not limited to warranties ofmerchantability, fitness for a particular purpose and non-infringement. Any commercial use or sale of the informationand data provided herein, or portions thereof, is prohibitedwithout express written authorization by the City ofBellevue. The City of Bellevue is not responsible for anydamages arising from the use of this data. Users shouldverify the information before making project commitments.
ZoningSingle FamilyMulti FamilyOfficeCommercialMedical Institution
Design DistrictsSubdistrict ASubdistrict BSubdistrict CDowntown CoreDowntown SubareaBuildings
Perimeter Design Districts Adopted October 1985 Ordinance 4268
Core Design District Adopted August 1981 Amended November 1986 Ordinance 3723
SourcesCity of Bellevue
48,000
Feet
Date: 11/14/2011 File Name: V:\pcd\arcgis\cbd_colorzon_28x40.mxd IT Department
Legend
Kidder Mathews | Offering Memorandum 7
BELLEVUE CBD LAND PRICING
No. Property Size Sale Date Zoning Height Limit - Office
Max FAR Max NRA Pricing / FAR Total ValuePrice Per Foot
Comments
1Walters SiteLas Margaritas 427 108th Ave NE
57,952 June, 2013 DNTN0-1 300' 8.00 463,616 $66.87 $31,000,000 $534.93 Three existing retail buildings with short term leases, $200,000 NOI. Site purchased for future development, most likely multi-family or hotel
2Trammell CrowWasatch Site
72,833 October, 2013 DNTN0-2 250' 6.00 437,000 $54.92 $24,000,000 $329.52 Developer has applied for permits to construct 437,000 sf office building plus first floor retail. Building will have above and below ground parking.
3Church Site NE 8th & 108th Ave NE
64,708 January, 2014 DNTN0-1 300' 8.00 517,664 $57.95 $30,000,000 $463.62 International funds, 4-5 residential towers planned.
4Bank of America Site 4th and 106th Ave NE
38,454 December, 2013 DNTN0-1 300' 8.00 307,632 $45.51 $14,000,000 $364.07 Purchased by Schnitzer for office development. Currently under construction.
5Goldsmith Property 305 108th Ave NE
34,369 June, 2014 DNTN0-1 250' 8.00 206,214 $65.47 $13,500,000 $392.80 Purchased by FANA, owner of Keybank Building. Holding for future development
6Silver Cloud Site 555 108th Ave NE
30,142 September, 2014 DNTN0-1 300' 8.00 241,136 $65.11 $15,700,000 $520.87 Purchased by NIU Enterprises - purchaser of Las Margaritas site - adjacent to the south
7Beacon Site106th NE 8th
125,017 January, 2015 DNTN0-1 300' 8.00 1,000,136 $45.89 $45,900,000 $367.15 Buyer owns adjacent land. 4-5 residential towers planned.
8Bates Site10429 NE 2nd St
52,259 September, 2015 DNTN-MU 200' 5.00 261,295 $87.25 $22,800,000 $436.29 Purchased by Bosa Deveopment. Planned 20 Story Condo Development.
9Tri State Building350 106th Ave NE
47,254 December, 2015 DNTN0-2 250' 6.00 283,524 $75.83 $21,500,000 $454.99 Aquiring adjacent land to existing holding. Planned office, residential and potential hotel development.
Kidder Mathews | Offering Memorandum 8
BELLEVUE CBD DEMOGRAPHICS
1 Mile 3 Mile 5 Mile
Population:
2020 Projectiont 25,991 100,270 278,103
2015 Estimate 22,960 90,895 252,693
2010 Census 16,662 77,072 216,990
Growth 2015-2020 13.20% 10.31% 10.06%
Growth 2010-2015 37.80% 17.94% 16.45%
2015 Population Hispanic Origin 1,236 6,125 14,904
2015 Population by Race:
White 14,623 61,976 174,802
Black 679 2,233 10,561
Am. Indian & Alaskan 76 376 1,123
Asian 6,760 22,794 55,783
Hawaiian & Pacific Island 47 167 520
Other 774 3,350 9,904
U.S. Armed Forces 43 138 183
Households:
2020 Projection 14,371 44,630 117,083
2015 Estimate 12,657 40,347 106,316
2010 Census 9,052 33,846 91,358
Growth 2015 - 2020 13.54% 10.62% 10.13%
1 Mile 3 Mile 5 Mile
Growth 2010 - 2015 39.83% 19.21% 16.37%
Owner Occupied 4,059 20,515 63,877
Renter Occupied 8,598 19,832 42,439
2015 Avg Household Income $109,970 $124,057 $128,905
2015 Med Household Income $87,434 $94,371 $100,762
2015 Households by Household Inc:
<$25,000 1,722 4,776 11,159
$25,000 - $50,000 1,765 5,746 14,720
$50,000 - $75,000 1,983 5,642 13,714
$75,000 - $100,000 1,724 5,173 13,200
$100,000 - $125,000 1,747 4,522 11,985
$125,000 - $150,000 1,157 3,451 9,297
$150,000 - $200,000 905 3,604 12,100
$200,000+ 1,652 7,431 20,142
Kidder Mathews | Offering Memorandum 9
LOCATION AERIAL
NE
2nd
St
107th Ave NE
Mai
n S
t
108th Ave NE
N
138 107TH AVE NE
141 108TH AVE NE 129 108TH AVE NE
123 108TH AVE NE
Kidder Mathews | Offering Memorandum 10
FUTURE LIGHT RAIL
SUBJECT
FUTURE LIGHT RAIL DEVELOPMENT
NE 12th St
NE 8th St
108t
h A
ve N
E
116t
h A
ve N
E
Bel
levu
e W
ay N
E
NE 4th St
Lake Washington
Downtown Park
Main St
N
Kidder Mathews | Offering Memorandum 11
Market InformationPUGET SOUND REGION
The Puget Sound region boast a highly diverse economy, anchored by stable industries including, technology, biotechnology, aerospace, education and manufacturing and distribution. Over 36,000 jobs were added during 2015 in the Seattle MSA (Seattle/Eastside/Everett) which is an annualized growth rate of 2.46%. Current unemployment rate projected to be 5.0%, with nearly 25,000 jobs added since YE 2015 (Q1 2016).
BELLEVUE CBD
The Bellevue CBD is one of the strongest submarkets, not only on the Eastside, but in the entire Puget Sound. Bellevue is a city recognized for its great talent, vibrant city center, booming economy and desirable location for work and play. Downtown Bellevue is undergoing rapid change, it’s currently
the second largest city center in Washington and based on per capita income is the sixth wealthiest of 522 communities in the state. As job availability and retail growth take place housing demand has increased substantially. There are currently 7,079 apartments in 20+ unit complexes in the Bellevue CBD with 930 units scheduled for delivery in 2016.
With Bellevue’s immediate proximity to Redmond, home of Microsoft, and direct freeway access to Seattle via Interstate 90 and State Route 520. Bellevue is now home to the headquarters of many small and large businesses.
Adding to Bellevue’s accessibility is the expansion of the SoundTransit Light Rail, expected to be completed by 2023, the Light Rail will run through downtown Bellevue to the surrounding cities of Seattle, Redmond and south to Tacoma. The $3.7 billion project has a rider projection of about 50,000 rider per day by 2030.
Kidder Mathews | Offering Memorandum 12
1 Seastar Restaurant & Raw Bar
2 Tap House Grill
3 Daniel’s Broiler
4 John Howie Steak
5 Bis On Main
6 Cheesecake Factory
7 Rock Bottom Restaurant & Brewery
8 McCormick & Schmick’s
9 Maggiano’s Little Italy
10 PF Chang’s China Bistro
11 Melting Pot Restaurant
12 Ruth’s Chris Steak House
13 Wild Ginger
14 Palomino
15 Pearl Bar & Dining
16 520 Bar & Grill
17 Joey
18 Purple Cafe & Wine Bar
19 Andiamo
20 Earl’s
21 El Gaucho
22 Blue Martini
23 The Parlor Billiards & Comedy Club
24 Three Pigs BBQ
25 ILoveSushi
26 Pumphouse
27 Chick-Fil-A
28 Taco Del Mar
29 Starbucks
30 Popinjays Cafe
1 Red Door Spa
2 Bellevue Regional Library
3 Bellevue City Hall
4 Overlake Hospital Medical Center
5 Group Health Bellevue Medical Center
6 Meydenbauer Center
7 Bellevue Arts Museum
8 Meydenbauer Park
9 Performing Arts Center
10 Overlake Children’s Hospital
11 Bellevue High School
12 Barnes & Noble
13 Bellevue Club
14 24 Hour Fitness
15 LA Fitness
16 Gene Juarez Salon & Spa
17 David Barton Gym
1 Bellevue Hilton
2 Hotel Bellevue
3 Residence Inn Bellevue
4 La Residence Suite Hotel
5 The Westin Bellevue
6 Sheraton Bellevue Hotel
7 Courtyard by Marriott
8 Red Lion Hotel
9 Ramada
10 Hyatt Regency Bellevue
11 Coast Bellevue Hotel
12 Accommodations Plus
1 Diamond Parking Services
2 Ampco System Parking
3 Central Parking System
4 Bellevue Square Valet
5 Pacific Plaza Garage
1 Bellevue Square
2 Lincoln Square
3 Nordstrom Bellevue Square
4 The Bravern
5 Macy’s Bellevue Square
6 Louis Vuitton
7 Michael Kors
8 Apple Store
9 Crate & Barrel
10 Jimmy Choo
11 Neiman Marcus
12 Hermes
13 Sur La Table
14 David Lawrence
15 Tiffany & Co.
16 David Lawrence
17 Whole Foods
18 Bartell Drugs
19 Uwajimaya
20 Best Buy
21 Home Depot
22 Lexus of Bellevue
AMENITIES MAP
Bellevue Square Mall
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LAKEWASHINGTON
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NE 8th Ave
112th Ave S
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LIFESTYLEEAT / DRINK PARKING / TRANSPORTATION
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Close to it all, Belle-View Office Park is within minutes of countless amenities including restaurants, bars and retailers.
14 5
SUBJECT
Kidder Mathews | Offering Memorandum 13
Bob ConradSenior Vice President, [email protected]
Troy Gessel AGM Commercial Real Estate [email protected] 425.576.8700
kiddermathews.com
Kidder Mathews | Offering Memorandum 14
LOCATION AERIAL
SUBJECT
SUBJECT
106th Ave NE
107th Ave NE
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Ave
108th Ave NE
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Kidder Mathews | Offering Memorandum 15
Market OverviewPUGET SOUND OVERALL MARKET
Investment, leasing, and construction all gained momentum in the 2015 second quarter. Responding to the very healthy economy and the resulting tenant activity, institutional capital continues to flow into the region’s office market. Starting off the second quarter, Gaw Capital announced that it is buying Columbia Center for $725 million from Beacon Properties. The sale has not closed yet, but the estimated capitalization rate below 5% shows the competition for quality core assets in one of the nation’s top five office markets. While the quarterly absorption figures are small, the quarter saw a continuation of the leasing activity and ground will be made up as those leases commence in the next few months. Two new office buildings were delivered in the second quarter, and five others got started. There are now 22 buildings underway in the region.The majority are in Seattle where 69% of the 17 projects have been pre-leased, compared with 2% of the three started in
Bellevue. Overall, the Seattle market is one of the strongest in the nation and is expected to continue to see vacancy decline and rental rates increase over the near- to mid-term, at least.
EASTSIDE REVIEW
Statistically the Eastside market had a good second quarter, absorbing about 87,300 s.f. and nudging the vacancy rate down to 6.89%, the lowest of the submarket clusters. Trammell Crow’s 929 Tower topped out and a third office tower started; Schnitzer West’s Centre 425. A partnership between UW, Microsoft and the Tsinghua University of China signed a 100,000 s.f. preleasing of the first proposed office building in the new Spring District neighborhood at the northeast corner of the CBD. Construction is expected to start in mid-2016. There are a few clouds behind these positive items: the loss of the MG2 (formerly Mulvanny G2) headquarters, the planned move of Expedia to Seattle
OFFICE MARKET DIRECT VACANCY YTD NET ABSORPTION
Downtown Seattle 10.29% 492,310 SF
Eastside 6.89% 87,300 SF
South King County 11.90% 35,041 SF
Snohomish County 8.70% 405,902 SF
Pierce County 9.6% 40,161 SF
SEATTLE OFFICE MARKET SUMMARY
Kidder Mathews | Offering Memorandum 16
by 2018, and the sublease offer by Microsoft of about 166,000 s.f. in the Bravern project. These spaces are not yet empty, and the vacancy in the 9.2 million s.f. Bellevue CBD was 7.9%, up nominally from 7.7% last quarter. The availability rate more than doubled to 24.5% with the addition of the three towers under construction and the Microsoft sublease space. While there is no panic yet, adding these spaces to the pending delivery of 1.5 million s.f. of new space over the next two years will require nearly 2.5 million s.f. of leasing. Market participants point to some large tenants looking in the Eastside, but there may be more choices than 100,000+ s.f. requirements.
The increase in actual vacant space, plus space scheduled for delivery soon, has taken some of the momentum out of the rental rate increases in the Bellevue CBD. The large users that had driven the big increases over the past three years now have multiple choices. Outside of the Bellevue CBD, the other Eastside submarkets are finally picking up some steam. Vacancy rates in those submarkets range from a low of 2.6% in the 520 Corridor to 7.0% in the Suburban Bellevue submarket. The Eastside market and specifically the Bellevue CBD will be tested over the next three years. It is expected that a few major tenants will be stepping up to fill some of the large blocks of space now available. Long-term prospects of the Eastside and the CBD are very positive with strong interest from both tenants and investors.
Vacant Space/Vacancy Rate
Even though there has been a tremendous amount of leasing activity in first two quarters of 2015, the regional vacancy rate recorded a small blip, up 13 basis points (bps) this quarter to 8.91%. This is a result of recently completed buildings being added to the inventory before many of the recent leases have commenced. Absorption across the region was just 55,384 s.f. in the second quarter, but the expectation is that absorption will pick up quickly and the vacancy rate will decrease significantly in the next two quarters. This is supported by the quarter’s 37 bps drop in the availability rate, an early indicator of space being spoken for, even if the lease has not formally started. The vacancy rate increased in the Seattle market due mainly to new construction. The Eastside market saw the largest increase, partially due to stalwart tenant Microsoft’s contracting out of leased space following last year’s reduction of about 2,000 jobs in the region. South King County and the Northend had net negative absorption of over 75,000 s.f., as those markets continue their halting vacancy reduction. The forecast is for the vacancy rate to decrease, most significantly in Seattle, as large signed leases begin to commence over the next few quarters.
MARKET FORECAST
Vacancy 8.91%
Construction 9.5 M SF
Rental Rate Varies*
Absorption 55,384 SF
*By submarket
CURRENT PROJECTION
