OFFERING MEMORANDUM - LoopNet ... ARABELLA BUSINESS PARK 13909 Meridian E, Puyallup, WA 98373 139th

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  • ARABELLA BUSINESS PARK 13909 Meridian E, Puyallup, WA 98373 139th & Meridian E (SR 161)

    Bldg A: Bldg B: Bldg C: Bldg D:

    13909 Meridian E 10213 139th St Ct E 10227 139th St Ct E 10305 139th St Ct E

    OFFERING MEMORANDUM

  • c

    Confidentiality and Disclaimer The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business pros- pects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a servicemark of Marcus & Millichap Real Estate Investment Services, Inc.© 2018 Marcus & Millichap. All rights reserved.

    Non-Endorsement Notice Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

    Arabella Business Park Puyallup, WA ACT ID ZAA0110384

    N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E

    ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

    **DO NOT DISTURB TENANTS**

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  • 13909 Meridian E, Puyallup, WA 98373

    THE OPPORTUNITY

    Arabella Business Park | Puyallup WA

    PRICE $4,998,000

    CAP RATE: 6.14%

    RENTABLE SF: 25,966

    PRICE/GROSS SF: $192.48

    OCCUPANCY: 100%

    YEAR BUILT: 1997 & 1999

    LOT SIZE: 1.78 Acres

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  • INVESTMENT OVERVIEW Marcus & Millichap has been retained to exclusively market for sale Arabella Business Park, a four-building, 25,966 rentable square-foot property situated on 1.78 acres of land in Puyallup, WA. Built in two phases in 1997 and 1999, the property is on two parcels that are part of the Arabella - Glen Mar Park development located on the bustling commercial corridor of Meridian Avenue East.

    All four buildings enjoy multi-tenant occupancy composed of medical, professional & service-based tenants with suite sizes that range from 380 SF to 3,100 SF. Building A benefits from Meridian Avenue East frontage (42,000 CPD) and is 100% leased to four medical tenants including dental, optometry, physical therapy, and massage therapy practices. Buildings B, C, and D are tenanted by businesses focused on professional services, martial arts instruction, dance instruction, mechanical services, manufacturing, and automotive repair. Many tenants have been in the property over ten years and continue to renew their leases for its excellent location, amenities and attractive build quality. Leases are typically 1 to 3 years in length and structured as either gross or modified gross format. Most significantly, the majority of in-place lease rates are substantially lower than the current market rates for the area.

    Arabella Business Park is situated on Meridian Ave E (SR 161), a major thoroughfare that plays host to numerous retail, commercial, and office properties. SR 161 is the largest commercial corridor in the Puyallup area and has been the primary axis of growth for the past 20 years. Tenants have close proximity to the South Hill Mall, the largest regional mall in Pierce County located just 2 miles north, and Sunrise Village Shopping Center just 1.5 miles south. SR 512 is also just two miles north of the property, providing convenient access to I-5, SR 167 (Valley Freeway), and SR 410 (over the Cascades to Eastern Washington). 176th St E is located less than one mile south of the property, which provides the most convenient east/west access in the area, and leads directly to the rapidly developing industrial submarket of Frederickson, WA.

    Since 2000, the population within a 3-mile radius of the property has increased by 39.82%. It is projected that population will grow from 82,833 to 91,818 over the next five years, bringing increased population density and higher rents as vacancy rates across the region are at record lows. Given these fundamentals, an investor in Arabella Business Park should expect to enjoy robust rent growth, high occupancy, and excellent risk-adjusted returns in the coming years.

    • Multi-Tenant Business Park with Medical, Retail, and Service Tenants

    • Below Market Rents and Long Standing Tenants

    • Property in a Low Vacancy Submarket

    • Excellent Commercial Visibility on Meridian: 42k Cars Per Day

    • Population Growth of 39.9% Since 2000

    Arabella Business Park | Puyallup WA 4

  • PROPERTY OVERVIEW

    CONSTRUCTION

    Year Built 1997 & 1999

    Roof Low-Pitched Metal Frame Roof with Metal Panel Covering

    Exterior Finish

    Enamel Coated Metal Siding with Split-Face CMU Wainscot on Streetfacing Walls

    Sanitary Sewer Private Septic System with an Off-Site Drain Field

    Stormwater Shared Storm Water Pond Across 139th Ave Ct E; Nominal HOA Fee of About $600 Annually

    Utilities Electric & Natural Gas: Puget Sound EnergyWater & Sewer: City of Puyallup

    Foundation Concrete Slab on Grade

    Structural System Pre-Engineered Metal Buildings

    Fenestration and Doors Insulated Fixed Glass Storefront System

    HVAC Building A has Full HVAC Service in Four Suites. For Buildings B, C, and D, Heating is Supplied by Suspended Gas Heaters in the Shops

    Plumbing Electric Water Heaters

    Life Safety No Sprinkler System; The Property is Protected by Fire Alarm and Security Systems Arabella Business Park | Puyallup WA 5

  • SITE PLAN

    Access Easement

    Parcel Numbers: 0419157029 & 0419157030

    Lot Size: 1.78 Acres (77,537) SF

    Lot Coverage: 33%

    Parking: 70 Stalls (2.7/1,000 SF)

    Zoning: Community Center District (CC) by Pierce County

    PARCEL & LAND

    Supplemental Parking

    Arabella Business Park | Puyallup WA

    *Boundary lines are approximate

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  • KEY TENANTS

    Willows Eye Care

    Willows Eye Care is an optometry clinic that offers eye exams for glasses and contact lenses, medical office visits for eye infections, cataract evaluation, and refractive surgery evaluation with follow up care.

    Relaxation Foot Spa Relaxation Foot Spa is massage therapy clinic that offers facials and massages, by either appoint- ment or walk-in.

    A Restore Physical Therapy

    Restore Physical Therapy is a physical therapy clinic providing treatment services in therapeutic exercises, cardiovascular endurance training, and training in activities of daily living.

    C.

    PR Cosmetic & General Dentistry

    PR Cosmetic & General Dentistry is a dental clinic that offers general and family dentistry, providing services in cosmetic dentistry, dental implants, endodontic treatment, annual teeth cleanings, veneers, wisdom teeth treatment, pediatric and emergency dental services, and CT scan imaging.

    D.

    B C D

    B.A.

    Arabella Business Park | Puyallup WA 7

  • KEY TENANTS

    Restore Physical Therapy

    Willows Eye Care

    P.R. Cosmetic & General Dentistry

    Relaxation Foot Spa

    Arabella Business Park | Puyallup WA 8

  • TRADE AREA MAP

    Subject Property

    Robert Wiggins, D.D.S., Family Dentistry

    Arabella Condominiums

    42 ,0

    00 V

    PD

    Arabella Business Park | Puyallup WA 13

  • Subject Property

    Frederickson

    Parkland City of Sumner

    City of Spanaway

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    PIERCE COUNTY

    Canyo