Historical Retail Sale Listing - Covington Shopping Center

Retail For Sale

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Covington Shopping Center

17307 SE 272nd, Covington, WA 98042

N/A

73,169 SF | Retail

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Retail Property - Off Market

Price:
N/A
Gross Leasable Area:
73,169 SF
Property Type:
Retail
Property Sub-type:
Strip Center
Property Use Type:
Investment
Cap Rate:
7%
Occupancy:
97%
Tenancy:
Multiple
Lot Size:
7.92 AC
Listing ID
17360792
Last Updated
over 1 year ago

Description

*Please note that a confidentiality agreement is required. Capital Pacific, LLC as exclusive advisor, is offering investors the opportunity to purchase Covington Shopping Center, an approximately 73,1 69 SF shopping center located in the high-demographic Seattle suburb of Covington, Washington.

Covington Shopping Center is 97% occupied and is anchored by Big 5
Sporting Goods and Big Lots, both of which recently executed brand new
leases in a space formerly occupied by QFC. Other tenants in the center
include H&R Block, Washington State Liquor Store, Pinnacle Physical Therapy
and Money Tree.

In addition to being a very stable asset there is an opportunity to add value
to the Property. There is a pad in the parking lot adjacent to McDonald' s
(NIC) that can be developed. There is approximately 1 acre on the south
side of the Property for a proposed 26,000 SF office building or 16,250 SF
retail building. The pad and the developable acre are being included with
this offering.

Covington is a bedroom community for Seattle and Everett. Over 33% of residents commute out of Covington for work. The average commute time is 30-40 minutes. Only 10% of people who live in Covington also work there.

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Created 10/5/2011