Development Opportunity | Offering Memorandum th 1801 130 Ave NE Bellevue, WA 98005
Jeff Kaiser,CCIM | Senior Vice President | +1 425 453 3145 | [email protected]
28,235 SF lot ideal for re-development into apartments or condos.
WATCH VIDEO Table of Contents
Executive 03 Summary
07 Site
15 Financials
18 Comparables
Location 22 Overview Executive Summary
Offering Memorandum 1801 130th Avenue NE Executive Summary
Colliers International is proud to present 1801 130th Ave NE, a premier .65-acre, Bel Red Corridor development site. Property Details The Bel Red Corridor is a 2-mile long stretch of land containing roughly 910-acres connecting Address 1801 130th Ave NE, Bellevue, WA downtown Bellevue with the Microsoft Corporation’s Redmond campus. Price Best Offer In 2009, the City of Bellevue approved an up-zone of this entire corridor, vastly increasing the massing potential for future development. Subsequent 2011 Sound Transit approval Building Area 8,743 SF by the FTA of its East Link light rail project routed through the corridor and scheduled to Year Built 1973/1990 Effective open to the public in 2023 has created new development opportunities within the rail corridor and development “nodes” surrounding the stations. Construction Type Frame Zoning BR-RC-1 Since the City has nearly expanded downtown to its maximum capacity, the Corridor has begun its expected infill, as the light rail approaches its 2023 projected opening. The Maximum Building Height 150’ City of Bellevue continues to improve other transportation and infrastructure through a Maximum FAR 4.0 series of major public facility improvements as a part of its seven-year 2021-2027 Capital Investment Program Plan. The adopted 2021-2027 CIP earmarks more than $650 million Lot SF .648 acres (28,235 SF) of transportation, parks and utilities investments the coming years. Parcel # 282505-9228 The site is located within easy walking distance (approximately ¼ mile) of two future light Parking 46 spaces (5.26/1,000 SF) rail stations. One is in the nearby 35-acre Spring District whose major tenant is Facebook with around 1.3 million square feet of existing and under construction office space. TSD Due Diligence Files Listing Lab is also home to GIX or Global Innovation Exchange which is a UW Master of Science in Technology University, and around 800 newer apartments.
1801 130th Ave NE enjoys the highest and best zoning within Bel Red, known as BR- Residential Commercial -1 (BR-RC-1). Through participation in the City of Bellevue’s FAR A sample massing study has been prepared at the request of the current Amenity System, the site may enjoy a maximum 4.0 FAR with a 150’ maximum building owner revealing the potential for development of 100-120 residential units. height, and 75% maximum impervious surface /lot coverage. All leases may be canceled upon sale, with 2 months notice to tenants.
1801 130th Avenue NE Offering Memorandum | Executive Summary | 4 The Bel-Red Corridor
Bellevue has become a high-technology and retail center on the eastside family development is ongoing. There is also a completed creative office building of Lake Washington, with approximately 140,000 job opportunities. A that is fully leased as a school in partnership with UW and Tsinghua University (a diversified mix of industries exists in Bellevue, with retail and service sectors Chinese University) known as the Global Innovation Exchange or GIX. being the most prominent. In the service sector, a high concentration of real estate companies, engineering firms, financial institutions and accounting Traditionally the Bel-Red area has been Bellevue’s industrial neighborhood. As firms are based in the city. There are many high-technology firms in Bellevue the older properties get redeveloped to higher uses, the industrial supply in with market incursions in software development and network services. Bellevue has significantly declined in the last 10 years. Companies in the city include Microsoft, Puget Sound Energy, Valve, Apptio, Other notable developments include Block 16, Block 24, and Block 6 of the Spring Concur Technologies, Bungie, Eddie Bauer, Symetra, T-Mobile, and PACCAR. District, which will have over 850,000 SF of office, all of which is preleased to The city has numerous commercial districts, including three high-end Facebook. Eight acres within the Phase II area will be improved with the new shopping centers aside from Bellevue Square: Factoria Mall, Crossroads REI headquarters that was anticipated to accommodate up to 3,000 employees. Mall and the Overlake Shopping District. However, in light of the pandemic, REI has since decided to sell their Spring Both Bellevue and Redmond are developing master planned, transit- District Headquarters. Facebook recently purchased the REI property for $368 oriented communities around their proposed light rail stations. As part of million. this planning, zoning in the area was significantly upgraded several years In addition to Facebook activity in the Spring District, there had been ago with denser multi-family residential and commercial uses which are announcement that Amazon will be expanding its presence in Bellevue. In April likely to slowly transform the neighborhood. Industrial uses have been 2019, Amazon announced a major expansion to downtown Bellevue. zoned out of most of the neighborhood. It is anticipated that Amazon will occupy almost three million SF of office with The Bellevue mixed use light rail development is known as the Spring District. about 25,000 employees in Bellevue by 2023. It is a master planned community on a 36-acre site that has been approved for phased construction of a transit-oriented mixed-use neighborhood anchored by a new light rail station on its north end. When complete, the mixed- use development will contain over 1,000 units of multifamily residences concentrated on the southern portion of the site (Phase 1), 3.7 million sf of commercial buildings, a hotel with conference room facilities, and 160,000 sf of accessory retail at the base of most of the buildings. Additional amenities include 2.3 acres of parks, plazas, and open space. Allowed building heights within the Spring District range from 125’ on the south end to 150’ on the north end closer to the proposed light rail station. Thus far, market demand has resulted in the proposed and currently under construction buildings not reaching the maximum heights or FAR allowed. However, within the master plan area, excess development potential can be transferred across lots, so maximum potential for the Spring District Site overall may still be met. A map of the planned phases is shown above. The blue represents Phase 1, green is Phase 2 and the orange is Phase 3. Demand for the sites in the Spring District has resulted in investor optimism for the success of this property as well as the Bel-Red Corridor overall. On the SW corner of the district, multi-
1801 130th Avenue NE Offering Memorandum | Executive Summary | 5 The Bel-Red Vision
BelRed CoRRidoR
Figure 1.1
THE BELRED CORRIDOR PLAN Street Typologies and Development Standards 2011 3
1801 130th Avenue NE Offering Memorandum | Executive Summary | 6 Site
Offering Memorandum 1801 130th Avenue NE 35TH
150TH 34TH 119TH CITY OF BELLEVUE 126TH 131ST
134TH 36TH
33RD 32ND 34TH 129TH
Bel-Red Zoning 157TH 142ND
156TH
116TH
148TH Bel-Red Subarea 115TH 30TH 31ST
125TH 31ST T ! Planned Light Rail Stations
128TH
135TH
137TH 30TH NORTHUP ! Planned Park Facilities 122ND T Planned New Streets
Planned New Trail Connections 28TH 27TH 28TH Ri parian Greenway Opportunity Areas
26TH
Bel-Red Zoning 29TH 151ST
25TH 152ND BR-Commerical Residential (BR-CR) 24TH BR-General Commercial (BR-GC) 24TH W 23RD BR-Medical Office (BR-MO)
e
s
t
T BR-Medical Office-1 (BR-MO-1) r ib k C ree BR-OR BR-Office Residential (BR-OR) re C BR-RC-3 ek y le BR-R 520 l a BR-Office Residential-1 (BR-OR-1)
V 21ST BR-GC !M2 BR-Office Residential-2 (BR-OR-2) BR-GC 21ST !C1 BR-OR BEL RED BR-Office Residential Transition (BR-ORT) 20TH BR-CR 112TH 20TH BR-Residential (BR-R) BR-RC-2 19TH BR-Residential Commercial-1 (BR-RC-1)
127TH !M1 BR-Residential Commerical-2 (BR-RC-2) BR-OR-2 BR-CR 153RD 120TH BR-Residential Commercial-3 (BR-RC-3)
BR-MO !CP
132ND
k 140TH 18TH
BR-R e Medical Instituitional (MI)
N3 e Highland ! r
BR-RC-1 C Park BR-ORT 17TH y
e 15TH ls Subarea plan adopted 2/17/2009 Ordinance No::5858 124TH T e MI T K 16TH !N1 Zoning adopted 5/18/2009 Ordinance No:5874 TT 130TH N4 BR-OR-1 ! BR-ORT 12TH BR-RC-2 15TH For more information contact: Paul Inghram H Phone: 425-452-4070 M3 BR-OR BR-MO-1 ! !N2 Legend E-mail: [email protected] BR-R 12TH Bel-Red Zoning BEL RED !T Planned Light Rail Stations BR-Commerical Residential (BR-CR) LakeLake G 11TH off 141ST Bellevue !G Creek BR-General Commercial (BR-GC) Bellevue BR-CR 139TH ! Planned Park Facilities BR-Medical Office (BR-MO) Planned New Streets147TH 10TH
134TH 136TH BR-Medical Office-1 (BR-MO-1) BR-GC
116TH Planned New Trail Connections 9TH 118TH BR-Office Residential (BR-OR)
T 126TH Ri parian Greenway Opportunity as 119TH 8TH BR-Office Residential-1 (BR-OR-1) 156TH
123RD
144TH BR-Office Residential-2 (BR-OR-2) 8TH 146TH 7TH BR-Office Residential7TH Transition (BR-ORT) 6TH BR-Residential (BR-R) BR-Residential Commercial-1 (BR-RC-1) 129TH 6TH 5TH 122ND BR-Residential Commerical-2 (BR-RC-2) Location Within City 5TH 150TH BR-Residential Commercial-3 (BR-RC-3) 4TH 4TH Medical Instituitional (MI) 3RD The information on this map is a geographic representation derived from the City of Bellevue Geographic Information System. The City of Bellevue does
114TH 2ND 2ND not guarantee that the information on this map is accurate or complete. This
142ND 148TH map is provided on an "as is" basis and disclaims all warranties, express or 405 152ND implied, including but not limited to warranties of merchantability, fitness for a ¥¦§ 154TH particular purpose and non-infringement. Any commercial use or sale of this
157TH 131ST 145TH
1ST 151ST map or portions thereof, is prohibited without express written authorization by 128TH the City of Bellevue. The City of Bellevue is not responsible for any damages
1ST 143RD arising from the use of information on this map. Use of this map is at user's MAIN 155TH risk. Users should verify the information before making project commitments. 1801 130th Avenue NE Offering Memorandum | Site | 8 9BR-MO) Plot Date: 8/31/2009
10TH
BR-Medical Office-1 (BR-MO-1) Site Location and Zoning
TIER 1 STUDY Site Location & Zoning
PROPERTY INFORMATION Address : 1801 130th AVE. NE, BELLEVUE Parcel Number : 282505-9228 Lot Area : 28,235 sf WA-520 Jurisdiction : City of Bellevue
ZONING INFORMATION Base : BR-RC-1 TIER 1 STUDY Overlay : BelRed BR-OR Site Location & Zoning Light Rail Route NORTHUP WAY NE 20TH ST BR-RC-2 PROPERTY INFORMATION T Light Rail Station Address : 1801 130th AVE. NE, BELLEVUE BR-GC Parcel Number : 282505-9228
Lot Area : 28,235 sf BR-RC-1 WA-520 Jurisdiction : City of Bellevue SITE GOFF CREEK
136TH PL. NE ZONING INFORMATION Base : BR-RC-1 Overlay : BelRed BR-R BR-RC-2 BR-OR BR-CR
Light Rail Route NORTHUP WAY NE 20TH ST T NE SPRINGBR-RC-2 BLVD T Light Rail Station BR-GC 130TH NE AVE. 132ND NE AVE. 134TH NE AVE.
124TH AVE. NE AVE. 124TH BR-RC-1
BR-OR SITE GOFF CREEK
136TH PL. NE
BEL-RED RD BR-R BR-RC-2 BR-CR
ZONING MAP T NE SPRING BLVD
1801 130th AVE. NE. BELLEVUE Feasibility Study GENERAL ZONING 1 130TH NE AVE. 134TH NE AVE. 132ND NE AVE. © Ankrom Moisan Architects, Inc 124TH AVE. NE AVE. 124TH BR-OR
1801 130th Avenue NE Offering Memorandum | Site | 9
BEL-RED RD
ZONING MAP
1801 130th AVE. NE. BELLEVUE Feasibility Study GENERAL ZONING 1
© Ankrom Moisan Architects, Inc Parcel Map King County iMap
King County, EagleView Technologies, Inc.
The information included on this map has been compiled by King County staff from a variety of sources and is subject to change without notice. King County makes no representations or warranties, express or implied, as to accuracy, completeness, timeliness, or rights to the use of such information. This document is not intended for use as a survey product. King County shall not be liable for any general, special, indirect, incidental, or consequential damages including, but not limited to, lost revenues or lost profits resulting from the use or misuse of the information contained on this map. Any sale of this map or information on this map is 1801 130th Avenue NE Offering± Memorandum | Site | 10 prohibited except by written permission of King County. Date: 4/30/2021 Notes: Property Photos
1801 130th Avenue NE Offering Memorandum | Site | 11 Property Photos
1801 130th Avenue NE Offering Memorandum | Site | 12 First Floor Plan
SUITE 100 2,978 SF
SUITE 101 775 SF
1801 130th Avenue NE Offering Memorandum | Executive Summary | 13 Second Floor Plan
[EXTERIOR ACCESS ONLY]
SUITE 201 2,520 SF SUITE 200 2,470 SF
1801 130th Avenue NE Offering Memorandum | Executive Summary | 14 Financials
Offering Memorandum 1801 130th Avenue NE Financial Analysis
Rent Roll
Annual Annual Monthly Monthly Monthly Leased Office Warehouse Office Warehouse Monthly Annual Unit Name Office Warehouse NNN % of Bldg Through SF SF Base Rent Base Rent Total Total Base $ Base $ Reimb Rate $/SF Rate $/SF New Tenant asking rate 100 * 2,153 825 $3,588 $1,238 $20.00 $18.00 $1,804 $6,630 $79,560 34.06% (east end & WH 1st floor) Y&B Dental Lab 101 9/30/2025* 775 - $1,119 $- $17.32 $470 $1,588 $19,057 8.86% (west end 1st floor)
200 Streambox M-T-M* 1,520 950 $2,575 $1,425 $20.33 $18.00 $- $4,000 $48,000 28.25%
Novus Dental Lab 201 8/31/2025* 2,520 - $3,408 $- $16.23 $1,527 $4,935 $59,216 28.82% (east end 2nd floor)
Total annual lease and NNN 6,968 1,775 SF $5,297 $205,833 100.00%
8,743 SF $63,562 100.00%
Projected 2021 Operating $61,000 Expenses Projected 2021 (annualized) $144,833 NET OPERATING INCOME
*Landlord has the right to terminate upon sale, with 2 months notice.
1801 130th Avenue NE Offering Memorandum | Financials | 16 Financial Analysis
Historic NNN*
Expenses charged to NNN 2015 2016 2017 2018 2019 2020 Change 2019/2020 Insurance $2,631.00 $2,746.00 $1,557.00 $1,557.90 $1,576.56 $1,576.53 0.00% Maintenance $3,919.00 $4,976.00 $6,241.00 $5,870.90 $5,372.50 $5,902.20 9.86% Management Fee $7,493.00 $8,451.00 $9,300.00 $10,192.00 $10,192.00 $10,192.00 0.00% Repairs $2,468.00 $5,874.00 $7,590.00 $4,756.04 $2,995.73 $6,809.89 127.32% Taxes $9,562.00 $9,487.00 $10,594.00 $11,370.39 $14,110.50 $16,456.04 16.62% Utilities $15,970.00 $19,842.00 $21,992.00 $23,693.51 $25,991.89 $22,678.77 -12.75% Total annual expenses $42,043.00 $51,376.00 $57,274.00 $57,440.74 $60,239.18 $63,615.43 5.60%
*New NNN charges based on 2020 expenses divided by 8,743 building square feet = $7.27 per square foot
1801 130th Avenue NE Offering Memorandum | Financials | 17 Comparables
Offering Memorandum 1801 130th Avenue NE Bel-Red Land Sales Comparables
Property Name Sale Date Land Area Max $/FAR Units/Doors Buyer Seller Sale Price Zoning and Address ($ PSF Land) SF (AC) FAR (Max) ($/Door)
Nash Holland Bellevue You-Stor-It $33,000,000 149,840 402 Northup Investors, BMU, LLC 12/18/2019 BR-RC-2 4.00 $55.06 12863 Northup Way ($220.23) (3.44) ($82,090) LLC
TSD site-AMLI Residential AMLI Wright Runstad $13,300,000 62,809 204 2/24/2016 BR-OR-1 4.00 $52.94 Unit 17-TSD Residential & Co. ($211.75) (1.44) ($65,196)
Bel Red Summerhill TOD Summerhill $12,300,000 61,426 249 Apartment Site BTAM Bellevue 3/13/2020 BR-RC-2 4.00 $50.06 Apartments ($200.24) (1.41) ($49,398) 1600 132nd Ave NE
Former Kelly Auto Body $10,000,000 50,138 - (Eminent Domain) City of Bellevue Kellco, LLC 12/20/2019 BR-RC-1 4.00 $49.86 ($199.45) (1.15) (n/a) 1500 130th Ave NE
Value Village $26,400,000 131,671 450 AMLI Residential JG Redmond, LLC 12/31/2020 AP 6-Story - 16771 Redmond Way ($200.50) (3.02 ($58,667)
1801 130th Avenue NE Offering Memorandum | Comparables | 19 Bel-Red Building Sales Comparables
Property Name Sale Price Location Buyer Seller Sale Date Building SF Zoning Class Year Built and Address ($ PSF)
Convenience/Gas Suburban $6,500,000 PMAR Inc. MEK Corp 2/14/2020 1,975 GC C 1967 11611 NE 8th Street Bellevue ($3,291.14)
116th Office Building Bel Red 2015 116th Ave $2,100,000 SLW Holdings, LLC 6/30/2020 1,960 BR-MO C 1967 2015 116th Ave NE Corridor NE, LLC ($1,071.43)
11410 NE 19th St Bel Red $1,450,000 Golden Pacific LLC Dr. Chan Bae 5/6/2019 1,736 BR-MO C 1956 11410 NE 19th St. Corridor ($835.25)
Bellevue School District No. 405 site Suburban Bellevue School Estate of Calvin $3,250,000 8/30/2019 3,957 O C 1950 1814 151st Ave NE Bellevue District No. 405 Jordan ($821.33) (2 properties)
Sunmark Uphostery Bldg Bel Red Bellevue Spring $3,900,000 (aka Quality Auto Center) William Regalia 4/12/2018 5,654 BR-CR C 1979 Corridor Development, LLC ($689.78) 13600 NE Spring Blvd.
Bel Red Office Bldg Sale Bel Red American Dream $5,250,000 Eagle Horizon Ltd. 2/28/2017 7,868 BR-ORT C 1952 12515 NE Bel-Red Rd Corridor Homes, Inc. ($667.26)
13200 Bel Red Bel Red $46,350,000 "BR-RC-2 (Robertson or Almar) Bel Red South LLC Robertson Family 9/14/2020 84,438 C 1973 Corridor ($548.92) BR-CR" 13200 Bel Red Rd
10101 W Jefferson LLC Tri-State Plumbing Bel Red $8,500,000 & 10111 W Jefferson Par 5 Tristate LLC 2/8/2021 20,811 BR-GC C 1963 1624 135th Pl NE Corridor $408.44 LLC
1801 130th Avenue NE Offering Memorandum | Comparables | 20 Bel-Red Lease Comparables
Asking Rent/SF Location Year Built Bldg Size Office SF Date Leased Expenses/SF Comments NNN
Cameron Center On market 2 months, 1 1811 130th Ave NE 1978 7,956 1,020 $22.00 Apr-20 $4.82 same block as subject. Bel Red Corridor
Evergreen Center 2 1950 130th Ave NE 1969 7,000 1,750 $24.00 Oct-17 $3.98 One block east of subject. Bel Red Corridor
Cascade Place II 12727 Northup Way- 3 1980 21,024 609 $24.00 Asking Feb-21 $6.76 Adjacent property. Suite 17 Bel Red Corridor
136th Office Park Second floor spaces at same time 4 1800 136th Pl NE 1984 28,075 500 $24.00-$28.00 May-19 $6.50 period were $22.00 NNN. Bel Red Corridor
Apple Tree Plaza 5 13620-C NE 20th Street 1977 23,197 990 $27.00 FS Asking Rent $637 Similar property. Bel Red Corridor
Century One Building 6 13401 Bel Red Rd 1979 12,978 674 $24.00 Nov-20 $6.00 Similar Property. Bel Red Corridor
1801 130th Avenue NE Offering Memorandum | Comparables | 21 Location Overview
Offering Memorandum 1801 130th Avenue NE 1801 130TH AVE NE
1801 130th Avenue NE Offering Memorandum | Location Overview | 23 Bel-Red Demographics
1 Mile 2 Miles 3 Miles 2020 Population 958 9,707 30,168 1.5 MILE 2025 Population 1,047 10,375 32,987 2010-2020 Annual Rate 9.75% 2.56% 2.37%
1 MILE 2020 Total Households 347 3,920 13,778 2025 Total Households 377 4,152 15,117 2010-2019 Annual Rate 9.41% 2.06% 2.30% .5 MILE
2020 Median Household Income $170,678 $119,594 $118,700 2025 Median Household Income $265,246 $188,020 $182,861 2019-2024 Annual Rate 1.52% 1.73% 2.04% 1801 130TH AVE NE
1801 130th Avenue NE Offering Memorandum | Location Overview | 24 Bel-Red Amenities
112th Av NE 24th Pl NE 24th St 140th Ave NE NE 25th St Nup Way
e NE NE 23rd Pl
NE 21st Pl NE 22nd St NE 22nd Court 7 20 2 NE 21st St 13 25 1 18
108th Ave NEAve 108th
166th Pl NE
e NE NE 20th St 177th Pl NE 11 Av 23 24 22 17 19 21 e NE
168th Pl NE
NE 19th Pl 6th 179th Court NE Av e NE 11 165th Pl NE 5 8 Av 4 3 NE 18th St
9 178th 12
127th Pl NE
NE 17th St 6 16 10 152nd Nrup Way 163rd Lane NE
163rdAve NE 14 e NE Mallard Lane
Bellevue Redmond Road NE 16th Pl Nup Way
172nd Court NE
NE 15th St 150th Av Av 15 Restaurants 180th Ave NE
Bars & ClubsGravel Road e NE 184th Ave NE Health Services 171st
141st Pl NE 180th Pl NE Services e NE 128th Pl NE NE 13th Pl 168thAve NE 176th Pl NE
Av Bus Stops Rosemont 134th Ave NE NE 12thArts Pl
NE 12th St 120th Grocery & Supplies 164th Pl NE
106th Pl NE NE 11th Pl Shops NE 11th St Coffee & Sweets
146th Ave NE 169th Pl NE
130th Ave NE NE 9th Pl
NE 10th St NE 9th St NE 8th Pl
139thAve NE 129th Pl NE NE 8th St 147th Lane NE
154th Ave NE
126 Pl NE NE 7th St
153rdAve NE
148th Ave NE
144th Ave NE 144th
124th Pl NE
171st Pl NE
131st Ave NE NE 5th St 1 King’s Chinese 8 Mini Mountain Indoor Ski Center 15 Bellevue Fire Station #6 22 Classic Pianos of Bellevue 2 Dan Gui Sichuan 9 Seattle Shaolin Kungfu 16 Mulan Family Grocery Store 23 Seattle Wine Glenridge Lane 155th Ave NE 3 Angelo’s of Bellevue 10 17 24 143rd Pl NE NE 3rd St Crossfit 425 128th Ave NE West Marine Car Toys W Lake Sammamish Pkwy NE NE 4th St 4 Amonos! 11 Arco 18 Cadillac of Bellevue 25 Mercury’s Coffee Company e NE 5 Sugee’s Box Lunch 12 19 Salon Bella Sturtevant’s Ski Rental Av
123rd Pl NE NE 1st St
6 Bellevue Brewing Company 13 BECU 20 Gregg Rogers’ Golf Center Future Bel-Red Light Rail Station 152nd Pl NE e NE
146th Pl NE 157th 7 Ironworks Gym 14 Magic Beauty 130th Pl NE 21 The Fitness Outlet Av
110th Ave SE 111th Ave SE Main St Main St 149th
106th Ave SE 116th Ave SE 174th Pl NE
1801 130th Avenue NE Offering Memorandum | Location Overview | 25 150th Pl NE
160th Pl SE
155th Ave SE
SE 2nd St 145th Ave SE
157th Ave SE SE 3rd Pl 154th Ave SE
108th Ave SE 158th Pl SE
163rd Ave SE W Lake Sammamish Pkwy SE
130th Ave130th SE SE 5th St
168th Pl SE
165th Ave SE 165th SE 6th St Ave SE 128th
148th Dr SE e SE Av 141st Court SE Lake Hills Connector 129th SE 9th St SE 8th St 142nd Pl SE
144th Ave SE
e SE SE 11th St Av SE 12th St 107th
121st Ave SE 149th Pl SE
Richards Road Bellevue Way SE 127th Ave SE SE 14th Lane
SE 19th St
109thAve SE
SE 16th St Ave151st SE SE 17th St
153rd Pl SE 114th Ave SE
160th Ave SE 160th
134th Ave134th SE
112th Ave SE 150th Ave SE 150th SE 19th Pl Bel-Red Amenities
NE 52nd St
116th Ave NE
5 Bel Red Road RECREATION
92nd Ave NE 1 Larsen Lake NE 40th St NE 40th St Montlake Bridge
132ndAve NE 2 Lake Hills Greenbelt Park 1 3 Kelsey Creek Park
4 Mercer Slough Nature Park Sahalee Way NE
5 Bridle Trails State Park e NE Nup Way
3 Av e NE e NE Av Av 172nd
112th Ave NE 140th 134th Points Dr NE 205th Pl NE MAJOR EMPLOYERS e NE 5 NE 24th St Av
1 Microsoft e NE e NE Av 92nd
2 Expedia Av
24thAve E NE 20th St 6th
120th Ave NE
11 124th Ave NE 228th
84th Ave NE 84th
108th Ave Ave NE 108th Nup Way 19th Ave E 19th E Madison St Bellevue Redmond Road NE 16th St 2
EDUCATION Evergreen Point Road NE 12th St e E 1 Sammamish High School e NE
164th Ave NE
148th Ave NE Av 1 Av 2 Odle Middle SchoolOverlake Dr W Lake Washington Blvd NE 3 Madrona Dr 1 23rd NE 8th St e NE
3 Stevenson Elementary School 132nd
Overlake Dr E
4 Av 4 International School 2 107th Ave SE
100th Ave100th NE 2 NE 4th St E Union St 216th
19thAve 102nd Ave SE
Main St Main St Sammamish 23rd Ave23rd RETAIL
1e SE
1 Crossroads Bellevue Av 1 2 2 Lake Hills Shopping Center 4
SE 8th St e SE SE 7th Pl 140th
3 Bel-East Shopping Center Av E Yesler Way SE 8th St 4 The Shops at the Bravern 3 3 228th 5 Overlake Center Richards Road 2 Lake Hills Blvd SE 14th St
123rd Ave SE e S SE 16th St
Av 145th Pl SE
212th Ave SE e SE 23rd Av HEALTHCARE S Judkins St Killarney Way SE SE 20th St 104th 112th Ave SE 4
1 y Overlake Medical Center
118th Ave Ave SE 118th 2 Seattle Children’s SE 25th St SE 26th St 3 UW MedicineSE 27th St 222nd Pl SE Rainier Ave S
W Mercer Wa N Mercer Way SE 29th St
Lake Park Dr S
156th Ave156th SE e SE
Av 1801 130th Avenue NE Offering Memorandum | Location Overview | 26 SE 32nd St 164th Pl SE SE 36th St Ave148th SE SE 36th St 128th Mercer Island y
78thAve SE SE 40th St
E Mercer Wa SE Allen Road
23rdAve S SE 43rd Way
Island Crest Way
164thAve SE Sound Transit Eastside Extension
EAST LINK LIGHT RAIL EXTENSION | SEATTLE-BELLEVUE-REDMOND, WA The Sound Transit East Link Light Rail Extension will connect riders from the Eastside’s population and employment centers to downtown Seattle, Sea-Tac Airport and the University of Washington. There will be 10 stations along the East Link Light Rail Extension that will serve Seattle, Mercer Island, Bellevue, Bel-Red and Overlake in Redmond. The Light Rail Extension is approximately 14 miles long and ride time from Mercer Island to the University of Washington will be about 20 minutes, from South Bellevue to Sea-Tac Airport about 50 minutes, while Overlake Transit Center to the Bellevue Transit Center will take 10 minutes. The project’s final design permit was approved in January 2016 by the City of Bellevue. Construction kicked off April 2016 with demolition of buildings in Bellevue to make way for the downtown Bellevue tunnel. The East Link Light Rail Extension will start service in 2023 and a projected 50,000 riders will use East Link every day by 2030.
*Renderings and map courtesy of The City of Bellevue
LAKE BELLEVUE
NE 10TH ST
Wilburton Light Rail Station (2023)
BELLEVUE WAY NE NE 8TH ST 108TH AVE NE 112TH AVE NE NE 8TH ST 116TH AVE NE 120TH AVE NE
Bellevue Transit Light Rail Station (2023)
NE 4TH ST 405
MAIN ST East Main Light Rail Station (2023)
1801 130th Avenue NE Offering Memorandum | Location Overview | 27 Downtown Bellevue Major Tenants
LINCOLN SQUARE SOUTH
BELLEVUE CONNECTION LAKE WASHINGTON
SYMETRA FINANCIAL CENTER
ONE BELLEVUE CENTER CITY CENTER BELLEVUE PACCAR BUILDING
KEY CENTER LINCOLN SQUARE NORTH
BELLEVUE PLACE
929 TOWER
THE SUMMIT II
US BANK PLAZA
THE SUMMIT I SKYLINE TOWER
CITY CENTER PLAZA
BRAVERN I PLAZA EAST
ONE TWELFTH @ TWELFTH BELLEVUE CORPORATE PLAZA
SPRING DISTRICT BRAVERN II
1801 130th Avenue NE Offering Memorandum | Location Overview | 28 The Puget Sound Region
The Puget sound region is home to some of the world’s most successful businesses including Microsoft, Costco, Nordstrom, Boeing, Amazon,Starbucks, Nintendo of America, Zillow, Tableau, Valve, REI, Weyerhaeuser, PACCAR, Safeco, and many more.
Washington’s healthcare cluster accountsfor over 98,000 JOBS and contributes over $12.5 BILLION annually to the state’s GDP. 71,829 employees 55,063 employees 60,000 Seattle employees Source: Washington Research Council (WRC)
2019 revenue of $76.6 billion. Microsoft occupies Amazon occupies over With deliveries in 2019, in King County of office 380 ~16 million SF 14 million SF Seattle-Tacoma International Airport (SEA) is a Boeing has now completed including 10 million SF of space in Seattle. world-class facility ranked 8th busiest in the U.S. with over 4,100 commercial owned space on its 540-acre 2019 revenue: over 51.8 MILLION passengers in 2018. Activity at airplanes since the start Redmond campus. $280.5 billion the airport and purchases by visitors arriving through of 2014. 2019 revenue: $125.8 billion SeaTac generates 151,400 jobs (87,300 direct) + $22.5 billion in annual business revenue.
Source: Port of Seattle
The Northwest Seaport Alliance (Ports of Seattle and Tacoma) is the 4th largest container gateway in North America, amounting to $75.3 billion in international trade.
Source: Northwest Seaport Alliance (2018)
Total number of overnight person-trips increased Information and communications technology 2% in 2019 to 110 million in WA resulting in companies account for 220,000 technology-based direct visitor spending of $21.9 billion. workers, who are concentrated in gaming, augmented
Source: Washington Tourism Alliance reality, blockchain, and cloud computing. Source: Washington Tourism Alliance
1801 130th Avenue NE Offering Memorandum | Location Overview | 29 WASHINGTON STATE OVERVIEW Washington State earned top honors on U.S. News & #1 World Report’s ranking of the Best States for 2019. WASHINGTON STATE SKILLED WORKFORCE › Population: 7,614,893 The Washington State workforce is experienced, diverse, and innovative: Google, Facebook, Twitter, and eBay were all drawn to the region by the › 13.2% population growth since April 2010 deep pool of technology talent. › Unemployment Rate (Feb 2019): 9.8% › STEM education growth = nearly 20% since 2001, with 80% of graduates remaining in the state
EDUCATION › 220,000 employed in tech-related jobs, including game developers, programmers and software engineers › 90.8% of residents are high school graduates (U.S. Census Bureau) › 136,100 aerospace workers, many second and third generation › 32.3% have an advanced degree › 36,000 in life sciences, including researchers › 61: number of two- and four-year public and › 3.9% labor growth per year over last three years, private institutions › 1.9% above the national average › 30,000 bachelor degrees conferred annually
› 12,000 advanced degrees conferred annually NATIONAL RANKINGS STATE BUSINESS FRIENDLY #2 ECONOMY › #1 – Best Places for Business and Careers (Forbes, 2019) › More than 250,000 companies either have their 2017 › #5 – Top States for Business (CNBC, 2019) HQ or operate in the state – Business Insider › #10 – Best State Economy (WalletHub, 2019) › No personal or corporate income tax › #2 – Most Innovative State (WalletHub, 2019) › $16 million in transportation upgrades is improving commutes LOW-COST, RENEWABLE ENERGY › Washington is the nation’s low-cost energy leader, with energy rates as A CENTER FOR INTERNATIONAL TRADE low as $4.13/KWH. With its centralized access to Asian and › The clean-tech industry (innovative services, R&D, and manufacturing) European markets, 75 ports and 139 airports, employs about 90,000 scientists, researchers, and technicians, backed $77.0 BILLION Washington State is the third largest exporter in by nearly $200 million in venture capital the U.S., shipping more than $75.3 billion in goods worldwide in › Nearly 75% of the state’s power comes from an extensive hydroelectric 2017. grid, drawing renewable energy from an abundant water supply › 1 in 3 jobs are export-related › Washington is the top producer of electricity from hydroelectric sources › #4 in exports in U.S. › Since 2013, the Clean Energy Fund has managed a portfolio of $125 › Fourth largest container shipping center in North America million in research grants to fund technological initiatives
1801 130th Avenue NE Offering Memorandum | Location Overview | 30 Confidentiality Disclaimer Statement This Offering Memorandum contains select information pertaining to the business and affairs of the Property at 1801 130th Avenue NE. It has been prepared by Colliers International. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Colliers International. The material is based in part upon information supplied by the Seller and in part upon financial information obtained by 1801 130th Avenue NE from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness or this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence. By acknowledging your receipt of this Offering Memorandum from 1801 130th Avenue NE, you agree: 1) The Offering Memorandum and its contents are confidential; 2) You will hold it and treat it in the strictest of confidence; 3) You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller. Owner and Colliers International expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered. If you wish not to pursue negotiations leading to the acquisition of 1801 130th Avenue NE or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum. A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Colliers International or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property. This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum. Development Opportunity | Offering Memorandum 1801 130th Ave NE Bellevue, WA 98005
Jeff Kaiser,CCIM Senior Vice President +1 425 453 3145 [email protected]
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