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Shopping Neighborhood

Longston Place | 100% Occupied Shopping Center Feat. Mixed-Use Development Potential of 265 Units

13317 Meridian E, Puyallup, WA 98373

Listing Price: $15,490,000

Cap Rate
7.90%
Gross SF
66,552
Rentable SF
66,552
Price/Gross SF
$232.75
Lot Size
8.85 acres
Year Built
1999

Investment Overview

Marcus & Millichap’s Brown Retail Group has been selected to exclusively market for sale Longston Place Shopping Center located in Puyallup, WA. The Property is 100% occupied with a mix of national and local tenants, including Regal Cinemas, Buffalo Wild Wings, IHOP, Heartland Dental and Cold Stone Creamery. The property is strategically located along Meridian (SR 161), the main commercial corridor through Puyallup, WA with traffic counts exceeding 43,000 VPD. The property currently offers multiple pad sites available for build-to-suit or ground lease development. Furthermore, the entire 8.85 acres is zoned TCTR (Towne Center), allowing for a mix of high-density multi-family, retail, grocery, restaurants, office, civic uses, and other amenities, creating an opportunity to redevelop the Regal Cinemas building into high-density mixed use. A recent massing study demonstrates the possibility of a mixed-use development in place of the Regal Cinemas building and new retail added to the site; showing achievable density of 265 apartment units and 50,000 SF of new retail in addition to the Buffalo Wild Wings and retail strip currently on site. The Property includes five separate tax parcels including tax parcels for Buffalo Wild Wings (who recently remodeled their building) and an IHOP/dentist anchored strip center allowing an investor to sell separate tax parcels on an individual basis to increase returns. The Property benefits from affluent surrounding demographics with over 187,000 people within a 5-mile radius with average household incomes north of $117,000 per year.

Investment Highlights

  • 100% Occupied Shopping Center / #1 Retail Market in 2024
  • Large 8.85 Acres Lot w/ Redevelopment Opportunity
  • Massing Study Demonstrates Possible Density of 265 Units + 50,000 SF of New Retail
  • Buffalo Wild Wings Recent Remodel
  • Five Separate Tax Parcels / Parcelization Strategy
  • Strategic Location / High Traffic Counts
  • Multiple Pad Sites Ready for Development
  • Affluent Demographics, High-Growth Submarket

Exclusively Listed By

Financing By

Shopping Neighborhood

Longston Place | 100% Occupied Shopping Center Feat. Mixed-Use Development Potential of 265 Units

Listing Price: $15,490,000

Cap Rate
7.90%
Gross SF
66,552
Rentable SF
66,552
Price/Gross SF
$232.75
Lot Size
8.85 acres
Year Built
1999

Investment Highlights

  • 100% Occupied Shopping Center / #1 Retail Market in 2024
  • Large 8.85 Acres Lot w/ Redevelopment Opportunity
  • Massing Study Demonstrates Possible Density of 265 Units + 50,000 SF of New Retail
  • Buffalo Wild Wings Recent Remodel
  • Five Separate Tax Parcels / Parcelization Strategy
  • Strategic Location / High Traffic Counts
  • Multiple Pad Sites Ready for Development
  • Affluent Demographics, High-Growth Submarket

Investment Overview

Marcus & Millichap’s Brown Retail Group has been selected to exclusively market for sale Longston Place Shopping Center located in Puyallup, WA. The Property is 100% occupied with a mix of national and local tenants, including Regal Cinemas, Buffalo Wild Wings, IHOP, Heartland Dental and Cold Stone Creamery. The property is strategically located along Meridian (SR 161), the main commercial corridor through Puyallup, WA with traffic counts exceeding 43,000 VPD. The property currently offers multiple pad sites available for build-to-suit or ground lease development. Furthermore, the entire 8.85 acres is zoned TCTR (Towne Center), allowing for a mix of high-density multi-family, retail, grocery, restaurants, office, civic uses, and other amenities, creating an opportunity to redevelop the Regal Cinemas building into high-density mixed use. A recent massing study demonstrates the possibility of a mixed-use development in place of the Regal Cinemas building and new retail added to the site; showing achievable density of 265 apartment units and 50,000 SF of new retail in addition to the Buffalo Wild Wings and retail strip currently on site. The Property includes five separate tax parcels including tax parcels for Buffalo Wild Wings (who recently remodeled their building) and an IHOP/dentist anchored strip center allowing an investor to sell separate tax parcels on an individual basis to increase returns. The Property benefits from affluent surrounding demographics with over 187,000 people within a 5-mile radius with average household incomes north of $117,000 per year.

Exclusively Listed By

Financing By

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