Kauri Investments Acquires Medical Office Building In Bellevue From Eye Clinic Of Bellevue For $6.7M

A medical office building located at 1300 116th Avenue Northeast in Bellevue, WA, was sold for $6.7 million. The property encompasses 5,519 square feet and was purchased by Kauri Investments. The price per square foot is calculated at $1,214. The Eye Clinic of Bellevue will lease the property back until their relocation to a new facility. Kauri Investments has plans to redevelop the site into a 150-key hotel following the expiration of the lease.

Summary of transaction details:

• Property Type: Medical Office
• Transaction Amount: $6,700,000
• Buyer: Kauri Investments
• Seller: Eye Clinic of Bellevue
• Broker: Pat Mutzel - Cushman & Wakefield
• Square Footage: 5,519
• Price Per Square Foot: $1,214
• Market: Bellevue, WA

The transaction involved key individuals and companies, with Kauri Investments acting as the buyer and the Eye Clinic of Bellevue serving as the seller. Pat Mutzel from Cushman & Wakefield represented the broker in this deal. The sale is noted for its strategic implications, with Kauri Investments planning a redevelopment project after the current tenant's lease concludes.