So much for Bellevue being the next Vegas -- Thor Equities is apparently up for making it a little less overgrown suburb and a little more New York. The NY-based group bought the Bellevue Galleria for $87.5 million, making it the first Thor purchase in the region.
So what do they get for that pretty penny? A lot of space, that's what. The Galleria has 85,000 sq. ft. in office space above the main retail floors, a parking garage, a few restaurants, and an above-average retail scene (though it pales in comparison to massive Bell Square down the street). Thor's plan is apparently to make the Galleria "the area's premiere shopping and dining destination," but we'll have to wait and see if that means places like Rock Bottom and Gene Juarez will get the boot for fancier tenants.
· Bellevue Galleria Sold for $87.5 Million [Puget Sound Business Journal]
· Bellevue Galleria Sold for $87.5m [Seattle Times]