Onward Investors sells Bellevue’s Mercer Pointe office building
SEATTLE, Wash. (January 2018) – Onward Investors, a national commercial real estate investment and development firm, has sold Mercer Pointe, the former AAA office building, located in Bellevue, Wash., to Nicola Crosby Real Estate Management Ltd. For $26.7 million. The sale was brokered by CBRE Seattle.
Onward Investors purchased 71,329-square-foot Mercer Pointe in June 2016 and began construction to make improvements to fit the new headquarters of OfferUp, a rapidly growing Seattle-based online marketplace.
Renovations included remodeling of the entry lobby and common areas, vacancy preparation and select improvements to the building exterior. The two-story building also features covered parking. Additional improvements included an onsite fitness center, cafeteria and break room. Onward signed a lease agreement with Offer Up in May 2017.
Mercer Pointe is located in a park-like setting in the Bellefield Office Park, near Bellevue’s downtown, I-405 and I-90, providing multiple direct links to Mercer Island, Seattle, and Issaquah. The distinctive Bellefield Office Park consists of 65 acres and 16 buildings totaling 507,000 square feet.
Onward Investors has been involved in the greater Seattle area for years. In May 2016, Onward sold the Westview 522 business campus in Woodinville, Wash. Pine Forest Properties, Inc., a Washington corporation, purchased the campus for $32,200,000. The same month, Onward acquired Sammamish Park Place, a two-building, 202,544 square-foot office complex located in Issaquah. In 2011, Onward also acquired The Commencement, a 62-unit, luxury apartment complex in Ruston. The firm sold the property in 2013.
About Onward Investors
Based in Minneapolis, Minn., Onward Investors LLC is a privately held commercial real estate investment and development firm that acquires and improves value-add properties in recovering markets for investors. Since its inception in 2011, the firm has acquired and managed more than 4 million square feet of commercial properties across the United States. www.OnwardInvestors.com.