Vulcan Acquires Aged Bellevue Property For Redevelopment
Vulcan Real Estate bought Bellevue Plaza, a 1960s-era property at 117 106th Ave NE in Downtown Bellevue, for more than $45M. The aged retail complex is ripe for redevelopment, according to Vulcan, though it doesn't have any specific plans yet. Wallace Properties has been tasked to lease retail space there in the meantime.
In recent years, Vulcan has been a seller, unloading more than $2.9B worth of assets with plans to invest the proceeds in projects in the Puget Sound region, the Puget Sound Business Journal reports. Highlands Ranch, CO-based UDR sold Bellevue Plaza to Vulcan; it acquired the property for nearly $31.5M 10 years ago. [PSBJ]