Edison Center
594 SE Bishop Blvd, Pullman, WA, 99163
Type
For Sale
Status
Sold
Location
Pullman, WA
Investment Summary
Kidder Mathews is pleased to offer for sale the 100% leased Edison Center in Pullman, Washington. The Edison Center is situated on a signalized intersection on Bishop Boulevard adjacent to the main entrance of Safeway, with points of access from three different streets. The center has a service-oriented tenant mix, with 9 tenants comprised of retail, office, and medical uses. All leases are NNN, with the tenant responsible for taxes, insurance and maintenance; translating to minimal landlord management. The property is in excellent condition and has no deferred maintenance.
Investment Highlights
100% OCCUPIED & STABLE
The center is fully leased to 9 tenants with NNN leases.
MINIMAL LANDLORD RESPONSIBILITIES
All tenants are responsible for taxes, insurance, and common area maintenance.
HIGH QUALITY CONSTRUCTION
Attractive and well maintained buildings with no deferred maintenance.
EXCELLENT VISIBILITY & ACCESSIBILITY
Situated on a signalized intersection adjacent to the main entrance to Safeway. The property is served by three public access driveways to the following city streets - Bishop Boulevard, Harvest Drive, and Shoemaker Place/
INTERNET RESISTANT RETAIL
The location is occupied by a mix of service-oriented tenants resistant to the rise of e-commerce.
STRONG TRADE AREA
The property is situated along the primary retail corridor of Pullman, which includes national retailers such as Safeway, Shopko, Walmart, Dollar Tree, Rite Aid, McDonald’s, and many more.
Property Summary
Offering Price |
$2,629,000 |
CAP Rate |
6.75% |
Year Built |
1997 |
Building Size |
13,801 SF |
Price Per SF |
$219/SF |
Address |
594 SE Bishop Blvd, Pullman, WA, 99163 |
Market Summary
Pullman, historically a town with roots in agriculture, has developed into a community with small town comforts and urban amenities. Home to Washington State University, Pullman benefits from the second largest student population in the state with over 30,000 undergraduate and graduate students, as well as over 2,000 faculty members. The University also pulls in large amounts of visitors to Pullman every year from PAC 12 sporting events, as well as cultural and entertainment programs. Pullman is 15 minutes west of Moscow, ID, home to the University of Idaho, and roughly 90 minutes south of Spokane, Washington’s second largest city behind Seattle.
The property is located on Bishop Boulevard directly next the main entrance of a Safeway grocery store and fuel station. The site includes three separate points of access, pylon signage, and 80 parking stalls. The Edison Center is just down the road from Pullman Regional Hospital, and is in immediate proximity to national retailers such as Safeway, Shopko, Walmart, McDonald’s, Starbucks, and the Wheatland Shopping Center. Household incomes are high within a one mile radius of the Edison Center at over $70,000.
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