2214 S 48th St
Tacoma, WA 98409
Best Buy · Retail Property For Sale

The offering provides the opportunity to acquire a net-lease Best Buy property in Tacoma, Washington, a tax-free state. The subject property is a 46,592 square foot building built on irreplaceable dirt and features below-market rent of $8.90/foot with a corporate guarantee. Rents in the area for junior anchors are $14-16/ft. The Tenant has had a strong operating history at this location since opening the store in 2002, and is able to keep its occupancy cost down due its low rent. Best Buy is an investment grade tenant with an S&P credit rating of BBB-. In 2017, revenue was $39 Billion and EBITDA was a whopping $2.5 billion. Contrary to “Amazon Effect”, Best Buy was ranked a Top 10 online retailer in 2017 in terms of gross sales, which were $6 billion. Sales were up 24.1% vs. 2016. The property is located directly across the street from Tacoma Mall, the city’s largest and most successful shopping center with 159 tenants including Nordstrom, Macy’s, Forever 21, and The Apple Store. The Owner, Simon Property, is planning a major redevelopment of the mall to meet today’s shopping standards with enhanced foot traffic and bring new draws such as a movie theater to the market (See Page 12 for more details). The subject property is visible from and located directly off of U.S. Interstate 5, and benefits from traffic counts that exceed 197,000 VPD. In Conjunction with WA Broker: SEAN TUFTS stufts@capitalpacific.com PH: 206.693.3352 WA BRE#02356897 CO-LISTING AGENTS: JEFF CHRISTIAN & RYAN MORITA First Street Company PH: 707.938.9600 CA BRE# 01461046 CA BRE# 01909453