11603 State Ave
Marysville, WA 98271
Plaza 116 | Medical Office & Retail Center · Retail Property For Sale

Plaza 116, a 17,930 square foot medical office and retail center anchored by Providence Medical Group, is currently 92.6% occupied with 6 tenants. Providence Medical, a tenant since the property was built 20 years ago, recently expanded their premises and extended their lease term early, showing their commitment to the site. The property benefits from two additional long-standing tenants, Papa John’s Pizza and Tokyo Teriyaki, who have occupied the building since 2001 and 2002, respectively. Combined, these three tenants account for 43% of the total GLA. The property has also experienced several recent lease renewals; along with the early lease extension by Providence, Tokyo Teriyaki signed a new 7-year lease, and Another Best Childcare extended their lease by 5 years. Moreover, the asset offers minimal near-term lease rollover, with only one lease expiring prior to January 2021. An investor will also find significant near-term NOI growth upon the lease-up of the 1,333 square foot end-cap vacancy. The property is situated at the intersection of two main arterials, State Avenue and SE 116th Street, which generate traffic counts of 17,400 VPD and 21,800 VPD, respectively. Moreover, the asset resides adjacent to an I-5 on/off ramp, providing easy and convenient accessibility and boasting traffic counts in excess of 117,000 VPD. The trade area contains some of the largest national retailers in the country, including Walmart, Home Depot, Cabela’s, Fred Meyer, and Ross. Additionally, within the immediate vicinity, there has been a tremendous amount of retail and hospitality development in recent months, including the construction of a Hilton and La Quinta Hotel (204 rooms total), as well as a new Chick-fil-a, Popeye’s, Arby’s, Indigo Medical Clinic, and the redevelopment of a new Dollar Tree & Harbor Freight anchored retail center.