Schnitzer West buys land for new office tower in Bellevue

12.17.2013

In 2010, Heartland was engaged by Aspen Growth and its lender, Wells Fargo, to develop and implement a disposition strategy for a land asset in downtown Bellevue encumbered with unique development constraints benefitting a Bank of America branch that currently occupies the Site. This engagement involved a comprehensive review of the existing site conditions and due diligence materials, a comprehensive review of all “as vacant” land sale transactions in the Bellevue CBD in the past five years, a comprehensive analysis of the residential and commercial office markets in the Bellevue CBD over the next 10 years, and a detailed feasibility alternatives analysis of six different development scenarios for the site. We then developed an Offering Memorandum and used a high-touch marketing effort to reach out to a target list of qualified developers capable of absorbing the constraints and closing the deal. Heartland’s actions resulted in the successful sale of the property to Schnitzer West in December 2013.

Source: Daily Journal of Commerce