The Spring District Brewpub 1285 122nd Ave NE

CBRE, Inc., as the exclusive advisor, is pleased to offer qualified investors a unique opportunity to acquire The Spring District Brewpub (“Brewpub” or “Property”). Acquisition of this boutique mixed-use, trophy asset offers investors the opportunity to participate in and gain an impressive real estate holding in the 36-acre Spring District. The Spring District is Bellevue’s most prominent master planned transit-oriented urban neighborhood comprising the potential for four million square feet of mixed-use development including architecturally significant creative office buildings, retail, 792 urban style apartments, and possible hospitality product.
The three-story, 28,244 RSF office and retail offering is fully leased to two premier office tenants, Deloitte and Catalyst Workplace Activation, and the Bellevue Brewing Company which fully occupies the ground floor retail and outdoor areas. The eight years of remaining weighted average lease term provides durable, high quality cash flow on a low-risk long-term basis along with robust net parking revenues from the adjacent 50-stall below-grade garage. The standalone subterranean parking garage, known as the Tract K Garage, sits on a separate tax parcel and is included in the offering.
The Property is situated in the southwest area of The Spring District, close to open spaces and a short walk to light rail. Brewpub offers a west facing sunlit outdoor deck and inspirational views of the neighboring office and residential product.
Investment Highlights
* Boutique, Trophy Mixed-Use Asset | At 28,244 RSF, Brewpub presents a unique opportunity to acquire a newly constructed, jewel-box office and retail building in the heart of The Spring District.
* High Barrier to Entry | Brewpub offers investors the only chance to acquire a fully leased asset in the dynamic campus developed and owned by institutional heavyweights including Shorenstein Properties, Wright Runstad, Brookfield, and Meta.
* Durable Income Stream | The Property is 100% leased to three tenants with a lengthy 8 years of WALT remaining, providing a stable and long-term income stream.
* Discount to Replacement Cost | With replacement cost at over $1,000 PSF, the Brewpub is offered at a significant discount to replacement cost.
* Dynamic Mixed-Use Urban Neighborhood | The Brewpub is prominently located with The Spring District, a newly built 36-acre urban neighborhood which is centrally located in the heart of the Eastside with direct access to light rail and intermodal and regional transportation options. The Spring District is the ultimate live-work-play environment.
* Strong Eastside Market with Robust Regional Transportation Network | The Eastside office market continues to shine with demand from new and expanding tenants, demonstrating the strength and attraction of the location, which also provides easy light rail station access. Leasing volume has been concentrated in Bellevue which is the preferred location for technology firms.