Under Contract
Year Built
1990
Building Size
167,209 SF
Price Per SF
$63/SF
Type
For Sale
Status
Under Contract
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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