Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SEATTLE, WA-Michael Mastro, the 76-year-old owner of longtime local developer Mastro Properties, is moving forward on three mainly residential projects in downtown Bellevue, two office buildings in Kirkland, and office building on the other side of Lake Washington in Seattle’s Ballard neighborhood.

Furthest along is Ballard Lofts, a four-story, 74,000-sf office building near the north end of the Ballard Bridge at 1455 N.W. Leary Way. Crews just recently finished shell construction and Mastro just recently leased the entire building to the nonprofit Program for Appropriate Technology in Health.

Mastro CFO Monika Harmon wouldn’t detail the exact lease rate on the 10-year deal, but did say that the value of the fully leased project — using an 8.5% cap rate — is $17 million. PATH is expected to occupy the space by the end of the year. Al Robertson of Kidder Mathews & Segner represented Mastro. Stuart Williams and Mark Flippo of Pacific Real Estate Partners represented PATH.

Another office building under construction is Valley View Corporate Center, a two-story, 59,000-sf office building at 13905 NE 128th St. in Kirkland, on the northeast 126th Place and 139th Avenue Northeast. The project is 50% completed and though no deals have been signed for space, Harmon says the company has received some letters of intent. The asking price will be $15.5 million.

Still in the permitting process is Totem Lake Office Building, a 47,760-sf project on the southeast corner at the intersection of Northeast 115th Place and 124th Avenue Northeast. The land with plans and engineering and permitting to date is available for $3.5 million. The finished product will be priced at $12.81 million.

The residential projects are as follows:

– Park on Main Apartments, a 124-unit development located at 11030 Main in downtown Bellevue that is expected to get underway this week. The 97 studio units will rent for an average of $850 per month while the two-bedroom units will average $1,355 per month. The completed product will be available for $14.5 million.

–Wilburton View Apartments, a 210-unit, mostly studio apartment complex also in downtown Bellevue. It is still in the permitting process but expected to get underway in September. Located at 123 112th Ave. NE, rents are expected to range from $905 per month to $1,210 per month. The price tag: $24 million.

–Main Street Plaza, located at 10708 Main St., three blocks from the Park on Main project, is a 71,000-sf project that includes 35,605 sf of office and 5,335 sf of retail below 42 condominiums. The completed project will be shopped for between $19 million and $21 million. The land and permit process to date — project approval has not yet been granted — can be had for $4 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.