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Southcenter Parkway Shopping Center 3 Retail Properties Offered at $3,500,000 in Tukwila, WA
Investment Highlights
- Significant Value-Add Upside – 23.74%+ Stabilized Cap Rate
- Premier Southcenter Location
- Owner-User Potential
- Leasehold Structure Creates Low Basis Entry Point
- Compelling 20%+ IRR Potential Through Ground Lease Expiration
- The Southcenter submarket in Tukwila, Washington is the premier retail destination in the Pacific Northwest.
Executive Summary
NAI Puget Sound Properties is pleased to exclusively offer for sale the leasehold interest in the Southcenter Parkway Shopping Center, comprising a 52,139 SF multi-tenant retail center located in the highly desirable Southcenter area of Tukwila, WA. This offering represents a unique opportunity to acquire the improvements for an extremely low cost basis and high stabilized yield. The buildings are subject to two ground leases (one for each parcel) with 19 and 17 years of term remaining, respectively. The ownership of the improvements revert to the landowner at expiration.
The center is situated in the heart of the Southcenter retail corridor, one of the Pacific Northwest’s most trafficked retail trade areas, directly adjacent to Westfield Southcenter Mall and surrounded by a dense concentration of national and regional retailers, hotels, and employment centers.
The center is situated in the heart of the Southcenter retail corridor, one of the Pacific Northwest’s most trafficked retail trade areas, directly adjacent to Westfield Southcenter Mall and surrounded by a dense concentration of national and regional retailers, hotels, and employment centers.
Property Facts
| Price | $3,500,000 | Number of Properties | 3 |
| Price / SF | $73.61 / SF | Individually For Sale | 0 |
| Sale Condition | Ground Lease (Leasehold) | Total Building Size | 47,547 SF |
| Sale Type | Investment or Owner User | Total Land Area | 5.57 AC |
| Status | Active |
| Price | $3,500,000 |
| Price / SF | $73.61 / SF |
| Sale Condition | Ground Lease (Leasehold) |
| Sale Type | Investment or Owner User |
| Status | Active |
| Number of Properties | 3 |
| Individually For Sale | 0 |
| Total Building Size | 47,547 SF |
| Total Land Area | 5.57 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
|
Southcenter Parkway Retail
16901-16971 Southcenter Pky, Tukwila, WA 98188 |
Retail | 20,244 SF | 1988 | - |
| 16875 Southcenter Pky, Tukwila, WA 98188 | Retail | 14,392 SF | 1990 | - |
|
Lamps Plus
16831-16839 Southcenter Pky, Tukwila, WA 98188 |
Retail | 12,911 SF | 1990 | - |
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Southcenter Parkway Shopping Center
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