Bartell Retail Center
14227 Tukwila International Blvd., Tukwila, WA 98168
Type
For Sale
Status
Under Contract
Location
Tukwila, WA
Investment Summary
The Bartell Drugs Retail Center and development land offering is a unique opportunity to acquire a strong performing investment with excess land available for immediate development. The property fronts Tukwila International Boulevard and is less than a mile from Interstate 5. Numerous developments are underway in the immediate area including directly across the street, Tukwila Village, which includes a library, mini-food hall, small retail businesses, live/work units, and a total of 398 apartments (primarily for seniors).
The retail center has had no vacancies for more than a decade and all tenants have paid through Covid without any rent reductions or deferrals. Bartell Drugs serves as a long term anchor tenant with strong store sales that have consistently increased. Bartell Drugs was recently acquired by Rite Aid Corporation. The corner parcel is occupied by Jack in The Box with a drive thru.
The property is within 15 minutes of downtown Seattle and 5 minutes from SeaTac Airport. It is served by two active bus routes, and walkable to the Tukwila light-rail station. The neighborhood around the property is walkable to schools, parks, and a grocery store.
The retail center has had no vacancies for more than a decade and all tenants have paid through Covid without any rent reductions or deferrals. Bartell Drugs serves as a long term anchor tenant with strong store sales that have consistently increased. Bartell Drugs was recently acquired by Rite Aid Corporation. The corner parcel is occupied by Jack in The Box with a drive thru.
The property is within 15 minutes of downtown Seattle and 5 minutes from SeaTac Airport. It is served by two active bus routes, and walkable to the Tukwila light-rail station. The neighborhood around the property is walkable to schools, parks, and a grocery store.
Investment Highlights
100% OCCUPIED RETAIL CENTER
The owners have not had any vacancies at this property for over a decade and tenants have paid 100% of rents during COVID
STRONG PERFORMING ANCHOR TENANT WITH ESSENTIAL NEEDS
The daily needs draw of the Bartell Drug provides stability to the offering and combined with national tenant Jack in the Box represents the majority of the income. Bartell Drugs has been in this location since 1993 and reports strong store sales
FRONTAGE LOCATION ON HIGH TRAFFIC ARTERIAL
The center is located at the signalized intersection at 144th Street and International Boulevard where daily traffic exceeds 20,000 cars per day.
EXCELLENT HEDGE AGAINST INFLATION
The majority of the tenants have built-in rent increases and Bartell's upcoming lease increase is tied to the Consumer Price Index (CPI) providing investors with a hedge against inflation.
EXCESS DEVELOPMENT LAND
Upon the close of escrow, Seller will ground lease the two parcels totaling 39,000 square feet of excess development land with an option to purchase these parcels at the maturity of the existing assumable loan. See the Financial Analysis section for more
Property Summary
Offering Price |
$8,800,000 |
CAP Rate |
6.30% |
Year Built |
1978 |
Building Size |
33,475 SF |
Price Per SF |
$305/SF |
Address |
14227 Tukwila International Blvd., Tukwila, WA 98168 |
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