Onward Investors Completes Financing, Begins Construction on Bellevue’s Mercer Pointe Office Building
SEATTLE, Wash. (October 12, 2016) – Onward Investors, a national commercial real estate investment and development firm, has completed financing on the acquisition of Mercer Pointe, the former AAA office building, located in Bellevue, Wash., just east of downtown Seattle and Lake Washington. (Financing details are not available.) Onward Investors will begin demolition next week and will start construction of the improvements to the building next month.
The building has been owned, maintained and occupied by AAA Washington since 1994. Mercer Pointe is situated 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.
HST Construction has been awarded the contract for the improvements. Renovations will include remodeling of the entry lobby and common areas, vacancy preparation and select improvements to the building exterior.
Mercer Pointe is located in a park-like setting which is well known in the market, offering large floor plates for flexible leasing layouts. It also features covered parking, an onsite fitness center and cafeteria amenities.
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 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 2.5 million square feet of commercial properties across the United States. www.OnwardInvestors.com.