Intracorp, HAL Real Estate Buy Vacant Office Building in Bellevue, Washington for $18M

BELLEVUE, WASH. — A Intracorp and equity partner HAL Real Estate have purchased a site that houses a vacant, 60,423-square-foot office building in Bellevue for $18 million.  The site is located at 3190 160th Ave. SE in the Eastgate neighborhood. The building was constructed in 1982 and was previously leased to Washington Department of Ecology for several decades.  Official plans for the site have not yet been announced, but the buyer may execute shorter-term leases at the existing office building until a redevelopment strategy is finalized.  Pat Mutzel of Cushman & Wakefield’s Private Capital Group, in collaboration with Jeffrey Cole, Jeff Chiate, Bryce Aberg, Mike Adey, Nico Napolitano and Zach Harman of the firm’s West Coast Capital Markets Group, represented the seller, a private, high-net-worth investment group. Mutzel also advised the sale of the property in December 2019 for a price of $16.3 million.