INVESTMENT HIGHLIGHTS
100% Occupied Shopping Center
The Property is fully leased to a mix of national, regional and local tenants, including Regal Cinemas, Buffalo Wild Wings, IHOP and Cold Stone Creamery.
Large 8.85 Acres Lot w/ Redevelopment Opportunity
The entire 8.85 acres is zoned TCTR (Town Center), allowing for a mix of high-density multi-family residential, local retail, grocery, restaurants, office, civic uses, and other amenities, creating a compact community with high-density housing within walking distance of goods, services, and amenities.
Massing Study Demonstrates Possible Density of 265 Units + 50,000 SF of New Retail
A recent massing study completed by architect Weber Thompson demonstrates the possible density achievable with a mixed-use development in place of the Regal Cinemas building and new retail added to the site; showing achievable density of 265 apartment units and 50,000 SF of new retail in addition to the Buffalo Wild Wings and retail strip currently on site.
Buffalo Wild Wings Recent Remodel
Buffalo Wild Wings, having been a tenant at the Property since 2012, remodeled the interior of their space in October, 2024 with new flooring, lighting, booths, furniture, paint, new TVs throughout, counter tops and bathrooms, estimated at a cost of over $550,000. This recent remodel demonstrates Buffalo Wild Wing’s long term commitment to this location.
Five Separate Tax Parcels / Parcelization Strategy
The Property features five separate tax parcels including tax parcels for Buffalo Wild Wings and an IHOP/dentist anchored strip center allowing an investor to sell separate tax parcels on an individual basis to increase returns.
Strategic Location / High Traffic Counts
The property is located along Meridian Street (SR 161), the main commercial corridor through Puyallup, WA with traffic counts exceeding 43,000 VPD.
Multiple Pad Sites Ready for Development
The property currently offers two, potentially three, separate pad sites available for build-to-suit or ground lease development.
Affluent Demographics, High-Growth Submarket
The Property benefits from over 187,000 residents within a 5-mile radius with an average household income exceeding $117,000 per year. The population in Puyallup, Washington has grown by over 24% since 2010 and is projected to increase another 3% in the next 5 years.
#1 Retail Market in 2024
Washington state has the lowest amount of retail square footage per capita of any state in the country, supporting trends of strong rent growth and low vacancy.
Income Tax Free State
Washington state features no state income tax.
Listing Agents:
CLAYTON J. BROWN
Trevor Lane
425.233.9522
trevor.lane@marcusmillichap.com
