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Bellevue Galleria, Costar/Loopnet & Development April 29, 2011

Posted by Sean Tufts in Articles, Investment Tools, Retail News, Retail Sales Comps, Sale.
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The Bellevue Galleria was purchased by Thor Equities of New York for $87.5MM this week. Based on a marketing package we had seen last year that equates to a 7.7% cap rate. The property is 99% leased and sold at $429/sf. This is an unusual story in the current environment and shows the strength of the Bellevue market. The property was purchased in July of 2007 for $53.4MM. There are very few examples of relatively stable properties that were purchased in 2007 that have turned around and sold for a profit. The seller did spend significant dollars on new tenants but the return on this deal is still very healthy!

In other news, Costar has signed a deal to purchase Loopnet for $860 million. We use both sources on a daily basis in our business and are very interested to see how the information and resources come together. Hopefully, the blend of the two will allow a better flow of information than what is currently available. Below is a quote from an article that sums up their differences pretty well:

CoStar relies on the work of 900 researchers to compile data on high-value properties in urban areas, and LoopNet allows users to post their own property information and has listings that span small towns and farms throughout the country. Florance said LoopNet’s listings would immediately allow CoStar to add more than 500,000 listings….“We’re (Costar) really about data, and they’re (LoopNet) more about sales,” Florance said. “We’re very urban, they’re rural and suburban and middle America.”

Lastly, Lorig is finally breaking ground on the big hole in Green Lake. PCC Market stepped up to anchor the project and give it new life. The old Vitamilk site should finally be rebuilt after sitting vacant demolished for over 6 years. The full article is here.

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