Overlake Crossing Shopping Center sells for $30M | PetSmart, Potbelly to be newest tenants

After two years of negotiations, Panos Properties made a $30-million cash purchase of the Overlake Crossing Shopping Center from the Walgreens Company, which closed on Dec. 31.

By Brandon Macz • January 12, 2015 3:12 pm
Colliers International brokered the $30-million cash purchase of the Overlake Crossing Shopping Center in Bellevue from the Walgreens Company
Colliers International brokered the $30-million cash purchase of the Overlake Crossing Shopping Center in Bellevue from the Walgreens Company

After two years of negotiations, Panos Properties made a $30-million cash purchase of the Overlake Crossing Shopping Center from the Walgreens Company, which closed on Dec. 31.

“It’s probably one of the best locations for a neighborhood shopping center in all of Bellevue,” said Reynolds Haas, senior vice president of Colliers Seattle Investment Services Group, who brokered the sale.

Haas said the deal was contingent on finding tenants to fill vacant space at the shopping center, the O’Reilly’s Auto Parts there having moved to another shopping center on Northeast 24th Street. PetSmart and a Potbelly Sandwich Shop are expected to bring occupancy at Overlake Crossing to 100 percent by mid-2015.

“The plans are to finish off the center and build out the space for PetSmart and Potbelly,” Haas said. “Those leases are in place, but they’re not operating at this time.”

Trader Joe’s relocated to the Overlake Shopping Center in fall 2013, which has since added a Walgreens and AT&T store at 15585 N.E. 24th St.