A 2.55-acre block of medical offices along 116th Avenue NE in Bellevue’s Wilburton neighborhood has quietly turned into one of the city’s buzziest listings, adding more fuel to the area’s fast-moving redevelopment wave. The package, two institutional medical buildings that are still nearly fully leased, is being marketed as covered land that a buyer can hold for cash flow while lining up future high-rise, mixed-use projects. The timing is no accident, coming as a flurry of proposals and permit filings recasts Wilburton as Bellevue’s next big growth corridor.
As reported by the Puget Sound Business Journal, the 2.55-acre portfolio went on the market this week and is being targeted to institutional investors. Commercial listing platforms call it a three-parcel package totaling 2.55 acres with asking prices hovering near $35 million, according to LoopNet. Brokers pitching the site say the draw is a blend of stable near-term rent rolls with long-term redevelopment upside.
Rezoning Opened The Door
Bellevue overhauled Wilburton’s land-use code in June 2025, creating new mixed-use districts and design standards aimed at steering both housing and jobs into the corridor, according to the City of Bellevue. Since that rezone, developers have filed applications for more than 2,300 housing units in the roughly 300-acre neighborhood, the Bellevue Chamber reported in April, turning what used to be a car-centric stretch into one of the Eastside’s most closely watched planning experiments.
Why Investors Are Circling
Investors are homing in on Wilburton because the new MU-H zoning and planned infrastructure upgrades make dense, urban-style projects a realistic bet, The Urbanist notes. Local reporting and industry panels have highlighted a mix of life science, multifamily and hotel proposals in the works, a combination that lenders and institutional buyers tend to like as covered-land plays, according to Downtown Bellevue.
What Brokers’ Materials Show
The marketing brochure from Cushman & Wakefield, which brands the assemblage as “Wilburton Central,” sketches out sample redevelopment concepts that range from mid-rise housing to a potential hotel to larger master-development scenarios. The flyer leans on walkable access to the Wilburton and Spring District light-rail stations, proximity to nearby medical campuses and phased strategies that keep tenant income flowing while a buyer pursues entitlements. None of those ideas are approved plans, but they paint a clear picture of how today’s low-rise medical buildings along 116th Avenue NE could eventually give way to denser, mixed-use projects.
How the story unfolds will depend on offers, entitlement paths and design review timelines. For now, the listing is a live test of investor appetite for covered-land deals in an upzoned Wilburton corridor. More listing details and broker contacts are posted on commercial platforms such as LoopNet.
