First Washington Realty Acquires Evergreen Village Shopping Center in Bellevue, Washington
First Washington Realty has acquired Evergreen Village, a 123,562-square-foot grocery-anchored community shopping center in Bellevue, Washington, the Bethesda, Maryland-based firm announced July 14, 2026. The purchase expands First Washington Realty's existing Pacific Northwest portfolio to approximately 2.3 million square feet.
Property Overview and Tenant Mix
Evergreen Village is anchored by a Safeway supermarket, which the firm noted has served the Bellevue community for more than 50 years. The center also includes a mix of fitness, dining, and specialty retail tenants, among them Edgeworks Climbing, Puetz Golf Superstore, and Starbucks.
The property is located in Bellevue's Eastside, which First Washington Realty described as a dense, affluent, and highly educated area situated near major employers including Microsoft, Amazon, Meta, and T-Mobile. The firm characterized the location as part of an established and accessible retail corridor within a rapidly expanding submarket.
Strategic Rationale
Sarah Ellis, Managing Director, Investments for First Washington Realty, said the property fits the firm's acquisition criteria. "Evergreen Village is exactly the kind of property we look for. It's a grocery-anchored center in a well-established neighborhood, and Safeway has been serving the Bellevue community for over 50 years. That kind of staying power says a lot. We're excited about what we can do here, in terms of both near-term leasing and the long-term strength of the market," Ellis said.
The acquisition reflects First Washington Realty's stated investment strategy of targeting grocery-anchored and necessity-based shopping centers in neighborhoods with strong demographics and high barriers to entry. The firm described the Evergreen Village purchase as a deepening of its existing Pacific Northwest presence.
Portfolio Context
First Washington Realty describes itself as a vertically integrated, institutional real estate investment firm. The company said it owns interests in and manages approximately $9 billion of assets across a national portfolio of 138 open-air properties totaling more than 21.5 million square feet in 21 states and Washington, D.C.
Financial terms of the transaction, including sale price, cap rate, and financing details, were not disclosed.
Sources
First Washington Realty — Growth in the Pacific Northwest Continues (July 14, 2026)