Sold
Year Built
1990
Building Size
167,209 SF
Price Per SF
$63/SF
Type
For Sale
Status
Sold
Location
Olympia, WA

Investment Summary

Kidder Mathews, in collaboration with RealINSIGHT Marketplace, is pleased to offer to qualified investors the opportunity to acquire the 100% fee simple interest in Olympia Square, an Albertsons anchored neighborhood center located 65 miles south of Seattle in Olympia, Washington. This offering represents an opportunity to acquire a 65% occupied grocery-anchored asset with existing cash flow and a significant value-add component.


To execute the confidentiality agreement and access the offering memorandum, please visit https://marketplace.realinsight.com/sales/details/323


Built in 1988, the investment consists 167,209 rentable square feet on 14.99 acres of land. Pacific Avenue, a major arterial leading to Interstate 5, bisects the center into two distinct properties: 1) Olympia Square North, anchored by Albertsons and 2) Olympia Square South, anchored by Ross Dress for Less. 


OLYMPIA SQUARE NORTH  

• 99,653 square feet

• Over 1,000 linear feet of frontage on Interstate 5 and 1,100 feet on Pacific Avenue

• Tenants include Albertsons, FedEx Office, Dairy Queen, and Subway


OLYMPIA SQUARE SOUTH

• 68,666 square feet

• Over 550 feet fronting Pacific Avenue

• Tenants include Ross Dress for Less, Shari’s, and Sally Beauty Supply

Investment Highlights

GROCERY ANCHORED INVESTMENT

Albertsons has been in this location since 1988 and recently executed a 5-year renewal, confirming their commitment to the location. Ross has been in this location since 1990.

VALUE-ADD OPPORTUNITY

The center is 65% occupied providing an opportunity for an investor to increase the operating income through lease-up and stabilization.

HIGH TRAFFIC LOCATION

The shopping center gets excellent exposure with over 1,000 feet of frontage and 128,000 vehicles per day passing through on I-5 and 34,000 vehicles per day on Pacific Ave SE.

RECENT CAPITAL IMPROVEMENTS

In 2017, the ownership group invested over $1.1 million dollars in improvements to the center, including parking lot, landscaping, and façade upgrades.

GROWING MARKET

The Olympia-Lacey-Tumwater region recently ranked in the top 25 fastest growing metro areas according to a U.S. Census report. Olympia is located 60 minutes south of Seattle. It is the state’s capital city and is the economic epicenter for Thurston County

Property Summary

Offering Price
$10,500,000
Year Built
1990
Building Size
167,209 SF
Price Per SF
$63/SF
Address
3430 Pacific Avenue SE, Olympia, WA, 98501

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