(Read more on the industrial market.)
SAN FRANCISCO-Shorenstein Properties LLC has acquired a 36-acreformer Safeway distribution complex in Bellevue, WA for an eventualmixed-use development. The locally based fund manager paid SafewayInc. $68 million for the property in conjunction with its localdevelopment partner Wright Runstad & Co.
Located along 124th Avenue Northeast near Bel-Red Road, theproperty currently holds 700,000 sf of warehouse and cold storagefacilities. The partnership has retained GVA Kidder Mathews tolease out the industrial space for the next several years whileseeking entitlements to redevelop the site. Safeway vacated thesite in 2005 for a new facility in Auburn, WA.
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