Colliers International facilitate sale of former Sushi Maru restaurant site
BELLEVUE – In a transaction that speaks to the ongoing strength of the Downtown Bellevue, WA market for development and redevelopment, Bosa Development recently acquired a 17,945-square-foot parcel of land at 205 105th Avenue NE from JH Choi LLC for $11 million or $613 per square foot of land. The site formerly housed Sushi Maru, a Japanese restaurant owned by Paul Choi, and is located directly across the street from Bosa’s One88 condominium, currently under development with a completion date of spring 2020.
Colliers International Senior Vice President Mark C. Anderson represented the seller and procured the buyer in the transaction. Sushi Maru is already closed and Bosa has not disclosed its plans for the site, located on the southwest corner of 105th Avenue and NE 2nd Street.
“Bellevue has become one of the hottest markets in the country for all kinds of real estate sales: income producing properties to sites for development or redevelopment,” noted Mr. Anderson. “Three years ago, I sold the Sushi Maru site for $7 million, making today’s $11 million a testament to the increasing value of property and expectations for value enhancement in this growth market.”
This transaction is the latest in a long-term successful relationship Mr. Anderson has had with both Bosa and Paul Choi. He has completed 10 transactions with each of them, including the acquisition of the One88 site for Bosa.
About Colliers International Group
Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is an industry-leading real estate services company with a global brand operating in 69 countries and a workforce of more than 12,000 skilled professionals serving clients in the world’s most important markets. Colliers is the fastest-growing publicly listed global real estate services company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
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