WEDGE BUILDING

4733 Tacoma Mall Blvd, Tacoma, WA 98409

FOR SALE

100% LEASED INVESTMENT JEREMIAH DURR

TIM WEBER

DON WHITTLES

(253) 471-5506 [email protected]

(253) 471-5502 [email protected]

(253) 471-5509 [email protected]

First Western Properties - Tacoma, Inc. 6402 Tacoma Mall Blvd, Tacoma, WA 98409 P (253) 472-0404 F (253) 472-0541

www.fwp-inc.com

FOR SALE

128TH STREET WEDGE BUILDING RETAIL Summary 617 128th Street SW, Everett, WA

PROPERTY SUMMARY

The Wedge Building is a unique, fee simple offering in the Tacoma, Washington market. The property is the only parcel positioned between the Tacoma Mall and Interstate 5. Purchased as a development site from the Tacoma Mall/Simon ownership, the property continues to benefit from its location as an outparcel to the mall. Adjacent Tenants include Nordstrom, JC Penney, Sears, Chipotle, Krispy Kreme Donuts, Best Buy and many more. The location boasts superior visibility to Interstate 5 than almost any other building in the market and it is positioned at grade with Tacoma Mall Blvd and slightly above I-5. Building tenants have regularly exceeded their sales goals as they benefit from visibility to over 190,000 cars per day passing the site. The neighboring 1,372,000 square foot Tacoma Mall is a strong performing regional mall with average sales over $550 per square foot. Access is provided from Tacoma Mall Blvd and the site satisfies parking requirements for both Tenants.

OFFERING SUMMARY Price Cap Rate

5.00%

Year Built

2003

Occupancy

100%

Tenants

PROPERTY PHOTO First Western Properties - Tacoma, Inc. 6402 Tacoma Mall Blvd, Tacoma, WA 98409 P (253) 472-0404 F (253) 472-0541

$5,255,000

2

Lease Types

All NNN

Rentable Area

10,387 sf

Land Area

0.57 acres

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FOR SALE

128TH STREET WEDGE BUILDING RETAIL 617 128th Street SW, Everett, WA Area Overview

LOCATION

First Western Properties - Tacoma, Inc. 6402 Tacoma Mall Blvd, Tacoma, WA 98409 P (253) 472-0404 F (253) 472-0541

www.fwp-inc.com

FOR SALE

128TH STREET WEDGE BUILDING RETAIL 617 128th Street SW, Everett, WA Tenant Information

A Berkshire Hathaway Co.

A Berkshire Hathaway Company since May of 2000, Ben Bridge currently operates

Established in 1985, Albers & Company offers its clients and their employees

92 Ben Bridge and Pandora by Ben Bridge stores in 11 states and Canada. Founded

insurance protection and financial security. Albers & Company is headquartered

and run locally in Seattle by the Silverman family in 1912 and then acquired by Ben

in Tacoma, WA with operations in Anchorage, Alaska through its sister company,

Bridge in 1927, the company has been operated by the Bridge family for 5 genera-

The Wilson Agency, LLC. Together, they form a team of over 40 professionals who

tions and is the largest family run jeweler in the United States. Ben Bridge is the

work vigorously to support a client base of over 350 public and private employ-

leading West Coast jeweler and continues to be headquartered in Seattle, WA.

ers across the Health & Welfare (insurance), Financial Services (retirement) and Human Resources divisions. In 2015 Albers & Company joined forces with The Wilson Agency, a fellow United Benefits Advisor partner located in Anchorage, Alaska, to better serve clients- throughout the Northwest. Source: Adapted from http://www.alberscompany.com/

First Western Properties - Tacoma, Inc. 6402 Tacoma Mall Blvd, Tacoma, WA 98409 P (253) 472-0404 F (253) 472-0541

www.fwp-inc.com

FOR SALE

128TH STREET WEDGE BUILDING RETAIL

4733 Tacoma Mall Blvd, Tacoma, 617 128th Street SW, Everett, WA WA 98409

SITE

AERIAL First Western Properties - Tacoma, Inc. 6402 Tacoma Mall Blvd, Tacoma, WA 98409 P (253) 472-0404 F (253) 472-0541

www.fwp-inc.com

FOR SALE

128TH STREET WEDGE BUILDING RETAIL Demographics 617 128th Street SW, Everett, WA

DEMOGRAPHIC/MARKET INFORMATION

The subject property is located in the dynamic Tacoma Mall commercial retail core. Serving the Tacoma/Pierce County regional market, the site boasts a surrounding population of 294,799 in a five mile radius, with a total Pierce County population of 840,000. The City of Tacoma experienced a 6.7% growth in sales tax revenues from Q1 2014 to Q1 2015. Major employers in Tacoma are the education & health services cluster with 53,200 jobs, financial services 15,000 jobs, and professional and business services 25,300 jobs. Pierce County benefits from the Joint Base LewisMcChord Military Base and their 66,054 employees. 2016 shows great promise in Tacoma with an even greater year of economic activity including 700 new multi family units and the convention center hotel scheduled to break ground along with more than 250 million dollars in foreign investment development underway.

DEMOGRAPHICS

First Western Properties - Tacoma, Inc. 6402 Tacoma Mall Blvd, Tacoma, WA 98409 P (253) 472-0404 F (253) 472-0541

10 Mile

15 Mile

20 Mile

Population

633,020

994,839

1,394,364

Average HH Income

$70,473

$74,168

$74,852

Daytime Population

486,289

418,769

984,325

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FOR SALE

128TH STREET WEDGE BUILDING RETAIL 617 128th Rent Roll Street SW, Everett, WA

Unit

Size (sf)

Tenant Share

Monthly Rent

Rent /sf/yr

Annual Rent

Lease End

Ben Bridge

Tenant Name

100

4,941

47.57%

$10,293.76

$25.00

$123,525.12

11/30/2023

12% increase 12/01/2018. 3 x 5 year options, increase 12% every 5 on 12/1.

Albers & Co

200

5,446

52.43%

$11,599.98

$25.56

$139,199.76

12/31/2020

2.25% annual increases, no options

10,387

100.00%

$21,893.74

$25.28

$262,724.88

Totals Occupancy/Vacancy Rate

100%

Notes

Space sizes include prorata share of utility room.

FINANCIAL SUMMARY CURRENT INCOME Base Rent (as of 1-1-2016)

$262,725

EFFECTIVE GROSS INCOME

$262,725

OPERATING EXPENSES Property Taxes ($25,324)

NNN

CAM (including management and Insurance)

NNN

NET OPERATING INCOME

$262,725

PRICING

5.00%

First Western Properties - Tacoma, Inc. 6402 Tacoma Mall Blvd, Tacoma, WA 98409 P (253) 472-0404 F (253) 472-0541

Cap Rate

$5,255,000

www.fwp-inc.com

FOR SALE

128TH STREET WEDGE BUILDING RETAIL 617 128th Site Plan Street SW, Everett, WA

SITE PLAN (not to scale and approximate)

First Western Properties - Tacoma, Inc. 6402 Tacoma Mall Blvd, Tacoma, WA 98409 P (253) 472-0404 F (253) 472-0541

www.fwp-inc.com

128TH STREET WEDGE BUILDING RETAIL

617 128th Street SW, Everett, WA WA 98409 4733 Tacoma Mall Blvd, Tacoma,

FOR SALE

PROPERTY PHOTOS First Western Properties - Tacoma, Inc. 6402 Tacoma Mall Blvd, Tacoma, WA 98409 P (253) 472-0404 F (253) 472-0541

www.fwp-inc.com