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BEL-RED PORTFOLIO with Development Opportunities

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BEL-RED PORTFOLIO with Development Opportunities 14400 BEL-RED RD 13800 BEL-RED RD NE BEL-RED RD 140TH AVE NE BEL-RED PORTFOLIO With Development Opportunities ENTER VIRTUAL DEAL ROOM OFFERING MEMORANDUM | 13800 & 14400 NE BEL-RED RD | BELLEVUE, WA EXCLUSIVE REPRESENTATION KIDDER MATHEWS is the exclusive Listing Brokerage Firm for this Offering. Michael Yeh WOODINVILLE is exclusively representing the Seller in the sale of the Bel-Red Portfolio (“Exclusive Listing Broker”). PROPERTY OFFERING THE BEL-RED PORTFOLIO is comprised of two separate investment properties with significant upside potential on Bel-Red Road, Bellevue, Washington. Located in the heart of Bellevue’s transit-oriented Bel-Red Corridor, 13800 BEL-RED is a 32,100 SF single-parcel site and is improved with a 1-story, 9,943 SF retail building (fully leased). KIRKLAND 14400 BEL-RED is a 43,200 SF single-parcel site and is improved with a 2-story, 17,386 SF office building (94% leased). This offering provides investors/developers with a rare opportunity to acquire prime real estate in Puget Sound’s hottest submarket. OFFERING PROCESS REDMOND This is an UNPRICED OFFERING. Properties may be purchased as a portfolio or individually. Seller’s deadline for a definitive bid date is June 3, 2021; however, reserves LAKE the right to accept an offer prior to such date. WASHINGTON OFFER REQUIREMENTS ALL OFFERS must be submitted to Michael Yeh, and must include the following terms and information: • Purchase Price • Earnest money deposit, including non-refundable portion and timing of deposits • Timing for due diligence inspection and post-diligence closing period 13800 14400 BEL-RED BEL-RED • Source of funds for acquisition LAKE SAMMAMISH PROPERTY TOURS BELLEVUE ALL PROPERTY TOURS will be conducted by Michael Yeh by appointment only. Please do not contact any on-site personnel, property management, or tenants for any reason whatsoever. To learn more about this opportunity and to schedule a tour, please contact the Listing Broker directly. MERCER ISLAND Exclusive Listing Broker MICHAEL YEH 425.450.1158 [email protected] EXECUTIVE SUMMARY The Bel-Red Portfolio offers a rare opportunity to purchase two investment properties in one of the PORTFOLIO OVERVIEW most sought after submarkets in the Puget Sound area. Address 13800 NE Bel-Red Rd THE OFFERING Parcel Number 272505-9210 The opportunity to own the Bel-Red Portfolio Land Size 32,100 SF is one of a kind. Minutes from Amazon's BR-CR (Bel-Red Zoning future Bellevue campus (25,000 employees Commercial/Residential) by 2025), Facebook's future Spring District Building Size (Gross) 9,943 SF campus (1.3 Million SF of office space in 2023), and Microsoft's Redmond campus expansion Listing Price * Best Offer (space for 8,000 additional employees) - the Call For Offer Date * June 3, 2021 upside potential for owning the Bel-Red Investment Portfolio is substantial. 13800 BEL-RED The properties are located in the heart of the Bel-Red Corridor, currently going through a Address 14400 NE Bel-Red Rd massive transformation from a former industrial Parcel Number 272505-9147 area into a series of transit-oriented urban villages with abundant new green spaces, Land Size 43,200 SF businesses, and homes. Multi-billion dollar BR-CR (Bel-Red Zoning development projects are currently under Commercial/Residential) construction, including a $3.7 Billion East Link extension of the Sound Transit Light Rail and Building Size (Gross) 17,386 SF a $2.3 Billion Spring District development Listing Price * Best Offer encompassing Facebook’s Eastside campus. 10,000 new jobs and 5,000 new housing units Call For Offer Date * June 3, 2021 will be added to Bel-Red Corridor by 2030. 14400 BEL-RED * Properties may be purchased as a portfolio or individually. Seller will set a deadline for a definitive bid date; however, reserves the right to accept an offer prior to such date. KIDDER MATHEWS BEL-RED PORTFOLIO OFFERING MEMORANDUM 3 INVESTMENT HIGHLIGHTS BELLEVUE CBD SEATTLE CBD PROXIMITY TO EMPLOYMENT CENTERS SPRING DISTRICT Minutes from Amazon, Facebook, and Microsoft’s new Bellevue HQ campuses Bel-Red HQ TRANSIT-ORIENTED LOCATION Walking distance to new Light Rail station (opening 2023) 13800 BEL-RED RD BEL-RED TRANSFORMATION New urban community with abundance of new green spaces, retail, and dining amenities BELLEVUE HIGHLANDS PARK SIGNIFICANT UPSIDE IN RENT & PROPERTY VALUE Strong demand for commercial spaces due to Amazon, Facebook, and Microsoft Campus expansions NEW EMPLOYMENT HUB 10,000 new jobs are projected in the Bel-Red Corridor by 2030 NE BEL-RED RD BELLEVUE YMCA FLEXIBLE ZONING Existing zoning allows for variety of mixed-use residential or commercial buildings up to 70’ in height POTENTIAL HIGHER DENSITY ALLOWED City to kick-off its Bel-Red Look Back Initiative to review w 14400 BEL-RED RD the effectiveness of its Bel-Red Subarea Plan & related land use code STEADY INCOME DURING PRE-CONSTRUCTION PHASE Existing positive cash flow during the entitlement phase STRONG DEMOGRAPHICS FOR MULTIFAMILY RENTALS & CONDOMINIUMS A young, diverse, highly educated workforce with significant disposable income N KIDDER MATHEWS BEL-RED PORTFOLIO OFFERING MEMORANDUM 4 EXCELLENT ACCESS TO AMAZON, FACEBOOK, & MICROSOFT CAMPUSES EAST LINK EXTENSION SLATED FOR 2023 NEW CAMPUS HIGHLIGHTS SPACE to accommodate 5,000 NEW CAMPUS HIGHLIGHTS new employees by 2023 SPACE to accommodate 1.3M square feet office 8,000 new employees NE 24TH ST expansion NE 24TH ST 2.5M square feet office expansion NORTHUP WAY NEW CAMPUS HIGHLIGHTS SPACE to accommodate 25,000 new employees by 2025 3.8M square feet expansion BEL-RED RD 14400 BEL-RED in 13 office towers 13800 BEL-RED NE 8TH ST 140TH AVE NE 140TH AVE NE 148TH AVE NE 156TH AVE MAIN ST KIDDER MATHEWS BEL-RED PORTFOLIO OFFERING MEMORANDUM 5 PROXIMITY TO NEW BEL-RED LIGHT RAIL STATION OPENING IN 2023 EAST LINK EXTENSION SEATTLE-MERCER ISLAND- BELLEVUE-REDMOND (2023) OVERLAKE 148TH AVE NE 148TH AVE NE 40TH ST LINK LIGHT RAIL P NEW STATION EXISTING STATION P NEW PARKING NE 24TH ST P EXISTING PARKING BEL-RED P RD BELLEVUE BEL-RED 14400 NE 8TH ST 13800 BEL-RED BEL-RED CROSSROADS SEATTLE WILBURTON JUDKINS PARK P P MERCER ISLAND FACTORIA KIDDER MATHEWS BEL-RED PORTFOLIO OFFERING MEMORANDUM 6 SOUND TRANSIT EAST LINK LIGHT RAIL QUICK FACTS EAST LINK EXTENSION OPENING With voter approval in 1996, 2008 and 2016, Sound Transit is 2023 IN 2023 building the most ambitious transit expansion in the country, with new service opening every few years. APPROXIMATELY 52,000 DAILY 52K RIDERS PROJECTED BY 2030 EAST LINK LIGHT RAIL The Sound Transit East Link Light Rail Extension will NEW LIGHT RAIL VEHICLES WILL Overlake Transit Center to the Bellevue Transit BE DELIVERED 2020 - 2024 connect riders from the Eastside’s population and Center will take 10 minutes. 152 (214 CARS) employment centers to downtown Seattle, Sea-Tac Airport and the University of Washington. Ten stations The Bel-Red corridor will have 2 stations, will serve Seattle, Mercer Island, Bellevue, Bel-Red including a Park and Ride at 130th Ave NE, 116-MILE LINE TOTAL EXPANSION PLANNED, WITH STATIONS and Overlake in Redmond. The Light Rail Extension blocks away from the 2.77 acre redevelopment 116 OPENING EVERY FEW YEARS is approximately 14 miles long and rides times from opportunity. The project is currently under Mercer Island to the University of Washington will construction and will be completed in 2023. be about 20 minutes, from South Bellevue to Sea- About 50,000 riders will use East Link every UP TO 20 HOURS OF DAILY Tac Airport will be about 50 minutes, while from the day by 2030. SERVICE, WITH 6-MINUTE 20 SERVICE IN PEAK HOURS EAST LINK WILL BE 14 MILES LONG AND INCLUDE 10 STATIONS SYSTEM EXPANSION PROJECTS 14 OVERALL EAST LINK DOWNTOWN REDMOND I-405 BUS RAPID TRANSIT EXTENSION EAST LINK EXTENSION EXPANSION STATUS: CONSTRUCTION STATUS: CONSTRUCTION STATUS: PLANNING PHASE PHASE PHASE Prepared SEPA Work proceeds on Redmond Technology checklist for the I-405 station construction Station repair plans Bus Rapid Transit and guideways under review (Sept. 2020) (April 2021) (April 2021) KIDDER MATHEWS BEL-RED PORTFOLIO OFFERING MEMORANDUM 7 NEW URBAN VILLAGE COMING TO BEL-RED CORRIDOR $13 BILLION EAST LINK LIGHT RAIL FACEBOOK CAMPUS THE SPRING DISTRICT PARK AMENITIES Worth of development Two new stations to be 1.3M SF of new office $2.3B mixed-use urban 35 acres of new parks projects under construction completed in 2023 space in Spring District Bellevue development made and open green spaces in the Bel-Red Corridor up of multifamily, retail, & office Restored West Tributary Transit-oriented node at 130th Urban plaza to Restore Goff of Kelsey Creek with new Ave Station creates a compact stream-side park & Creek with new community & neighborhood & walkable, predominately trail system park & public trail parks, public trail residential, area New local street grid breaks up large area for pedestrians & vehicle access Source: City of Bellevue_New Bel-Red Brochure KIDDER MATHEWS BEL-RED PORTFOLIO OFFERING MEMORANDUM 8 NEW BEL-RED CORRIDOR PLAN We are creating 10,000 new jobs and 5,000 new housing units in Bel-Red Corridor by 2030. a whole new The Bel-Red Corridor is a 900-acre district that neighborhood. stretches from SR-520 to Bel-Red Road, and “- CLAUDIA BALDUCCI I-405 to 148th Ave NE. The Bel-Red plan is Sound Transit Light Rail stations, $2.3 billion Spring District MEMBER OF KING COUNTY COUNCIL transforming the corridor from a light industrial urban development encompassing Facebook’s Eastside & SOUND TRANSIT BOARD area into one of Puget Sound’s hottest mixed- campus, new investments in arterial street improvements, use, transit-oriented neighborhoods. The pedestrian and bike facilities, an arts district, multiple transformation will include the addition of three parks, and open spaces.
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