BELLVUE, WA-A whole block of downtown Bellevue surrounding Meydenbauer Center has been sold by Tochterman Management Group. The deal has been in works since November but closed just before Christmas, according to King County records. The sale to Schnitzer Northwest of Kirkland removes the last remaining obstacle to Schnitzer’s $300 million, 1.5-million sf multi-use development planned for the five-acre site.

The sale price was not disclosed, but because of encumbrances held on the land by others and ground leases that are to be bought out by Schnitzer, the actual cost of the land transfer will be “very much north” of the figure reflected in the recent transaction, according to Tochterman Management director Connie Grant.

In other activity, Seattle-based Magnolia Hi-Fi, Inc. sold its 13 area audio-video stores – and their $100-million annual sales — to national retailer Minneapolis-based Best Buy Inc. for $87-million. Magnolia will continue to operate the stores as a wholly-owned subsidiary, with Jim Tweten continuing as president, and Thomas Conrad will staying on as senior vice president and COO.

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