An affiliate of Maryland-based First Washington Realty has paid about $61.4 million for Evergreen Village, the Safeway-anchored shopping center at 1645 140th Ave NE in Bellevue. The deal, with a purchase date of July 7 and a King County recording on July 8, hands the roughly 108,000-square-foot neighborhood center, built in 1962, to new ownership. The property includes Safeway #490, an on-site gas station and a former Staples box that brokers have been pitching to grocery-focused investors.
Public filings list the buyer and price
King County sales records show the buyer as GRI Evergreen LLC of Bethesda, Maryland, and list Gateway Evergreen Inc. as the transferor. The transaction, recorded July 8, clocks in at $61.4 million. The public entry puts the center at roughly 108,232 gross square feet on about 442,804 square feet of land and identifies Safeway and a former Staples among the occupants, per DJC.
Buyer tied to a longtime retail owner
Industry reporting links the acquisition to retail landlord First Washington Realty and says the deal fits into its broader run of grocery-anchored buys. CoStar frames the transaction as part of investor demand for necessity-based centers and notes the Los Angeles County Employees Retirement Association among prior institutional owners of the property.
Location, tenants and why it matters locally
Evergreen Village sits between Bel-Red Road and State Route 520, about two miles from Microsoft’s Redmond campus, a detail that helps explain the interest from out-of-state investors, according to the Puget Sound Business Journal. The center’s own directory lists Safeway and neighborhood services at 1645 140th Ave NE, and local leasing materials show several inline storefronts currently on the market for lease, per the Evergreen Village Shopping Center.
What this sale signals for Eastside retail
The purchase underscores ongoing appetite for grocery-anchored neighborhood centers that generate steady foot traffic and predictable leases, traits investors prize amid broader retail churn, as reported by CoStar. Local brokers say the combination of a long-term grocer anchor, on-site gas station and proximity to tech employment hubs gives centers like Evergreen Village an edge with out-of-state institutional buyers.
