INVESTMENT HIGHLIGHTS
Dominant I-5 Corridor Shopping Center
The Property is a roughly 189,000 SF shopping center located adjacent to I-5 (105,000+ VPD) and located on a signalized, hard corner with excellent visibility, signage and access.
Immediate Upside By Leasing Vacant SUITES
There are currently three vacant suites in the property. Two of the suites are adjacent; a 28,500 SF box and a 13,500 SF box, providing an Investor with the opportunity to significantly increase income upon stabilization and the flexibility to lease the entire 42,000 SF space to one anchor tenant or demise the space.
Strong Historical Occupancy
Roughly 68% of the GLA have occupied the Property for the past 10+ years with Bi-Mart, Big Lots and Dollar Tree having occupied the center since 1977, 2000, and 2000, respectively.
IRREPLACEABLE LOCATION WITH EXCELLENT VISIBILTY
The Property is located on a signalized hard-corner on the intersection of Biddle Road and McAndrews Road with traffic counts in excess of 31,500 VPD. The Property benefits from strong visibility and access from I-5 (105,000+ VPD) which it borders with approximately 940 feet of frontage. The Property has six points of ingress/egress from main arterials and excellent signage.
Long-Term Rental and Leasing Upside
The Property features strong contractual rent increases along with near term lease expirations of tenants paying below market rent.
Strong Credit Tenant Presence
National and regional tenants represent 65% of the income stream including Big Lots, Bi-Mart, Boot Barn, Carl’s Jr, McDonalds, Wendy’s, Lumber Liquidators, Dollar Tree, Strive Health, Baskin Robbins, First Interstate Bank, and more.
BRAND NEW 5-YEAR BIG LOTS EXTENSION AND BI-MART TERM
Big Lots, having occupied the Property since 2000, recently signed a new 5-year lease extension effective February, 2023 with two options to extend. Bi-Mart has occupied the Property since 1977 and signed a 10-year extension in 2017 and subsequently remodeled their façade at that time.
Six Free-Standing Buildings/Break-Up Value. The center layout provides potential future break-up value consisting of:
- Bi-Mart, Dollar Tree & Big Lots Anchored Multi-Tenant Building
- South Building Containing Boot Barn and Vacant 42,000 SF Box
- First Interstate Bank Pad Building
- Wendy’s Pad Building
- McDonald’s Pad Building
- Carl’s Jr. Drive-Thru Multi-Tenant Building
Large Lot with 16.93 Acres of Land
The center features a large, 16.93 acre lot with ample parking and approximately 940 feet of frontage on I-5 (105,000+ VPD).
Priced Significantly Below Replacement Cost
The Property will trade well below replacement cost, providing long term stability.
Listing Agents:
CLAYTON J. BROWN
RUTHANNE LOAR
206.493.2622
ruthanne.loar@marcusmillichap.com
