Kauri Investments Buys Medical Office Building in Bellevue, Washington for 150-Room Hotel Redevelopment

BELLEVUE, WASH. — Seattle-based Kauri Investments has acquired a freestanding medical office building, located at 1300 116th Ave. in the Seattle suburb of Bellevue, for $6.7 million.

The seller and existing tenant, Eye Clinic of Bellevue, will lease back the 5,519-square-foot building until the ophthalmology practice moves into a more modern facility.

Once the lease ends, Kauri plans to redevelop the asset, which is on a large parcel, into a 150-key hotel. Kauri Investments currently owns six other hotel sites Washington and Oregon.

Pat Mutzel of Cushman & Wakefield’s private capital group in Seattle brokered the off-market transaction.