New Listing
Cap Rate
6.24%
Offering Price
$4,300,000
Year Built
1959
Building Size
41,261 SF
Price Per SF
$104/SF
Type
For Sale
Status
New Listing
Location
Bellingham, WA

Investment Summary

Kidder Mathews is pleased to offer for sale a Big Lots in Bellingham, Washington. Bellingham is 90 miles north of Seattle and 16 miles from the Canadian Border. Big Lots is completing their tenant improvements and is slated to open in March 2019. They have signed a new 10-year NNN lease that includes three, 5-year options. Big Lots has been a tenant in the Park Manor neighborhood center since 2004. Strong store sales drove relocation to the larger, 41,261 SF space that was formerly occupied by an Albertsons grocery. The Park Manor Shopping Center is situated at the Corner of Northwest Avenue and Birchwood Avenue in a vibrant retail trade area less than a mile from Interstate 5 and Bellis Fair Mall, a 775,000 square foot regional mall.


This is an excellent passive investment that is well suited for a 103 exchange or passive investor. A new build out and minimal landlord responsibilities will limit any near-term maintenance on the building.

Investment Highlights

CREDIT TENANT

Headquartered in Columbus, Ohio, Big Lots, Inc. (NYSE: BIG) is a community retailer operating 1,415 Big Lots stores in 47 states

PROVEN SUCCESSFUL LOCATION

Strong sales have enabled Big Lots to expand and relocate from a smaller space in this shopping center where they have been a tenant since 2004.

NEW LONG TERM NNN LEASE

A new 10-year lease will commence upon occupancy and includes three 5 year options with rent increases throughout both the initial term and options to extend.

INTERNET RESISTANT RETAILER

Big Lots is focused on merchandise categories of furniture, seasonal, soft home, food, and consumables.

EXCELLENT EXPOSURE

Easy access via both Northwest Avenue and Birchwood Avenue with exposure to a signalized intersection

Property Summary

Offering Price
$4,300,000
CAP Rate
6.24%
Year Built
1959
Building Size
41,261 SF
Price Per SF
$104/SF
Address
1650 Birchwood Avenue, Bellingham, WA, 98225

Maps



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