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
www.fwp-inc.com
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