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Shopping Strip

Smokey Point Plaza

3405 172nd St NE, Arlington, WA 98223

Listing Price: $7,100,000

Cap Rate
6.00%
Rentable SF
24,794
Lot Size
2.12 acres
Year Built
1985

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale Smokey Point Plaza, a rare drive-thru anchored retail center located in the dynamic Smokey Point corridor of Arlington, WA. The Property benefits from its strategic location alongside heavily trafficked I-5 (107,000 VPD) as well as it’s close proximity to “Project Roxy”, Amazon’s new 2.8 million square foot distribution center that is located roughly 1 mile away from the subject property. This strategic fulfillment center for Amazon will serve the northwest portion of the state of Washington and will bring more than 1,000 new jobs to the immediate area. The Property is currently occupied by a mix of national and regional tenants including Pacific Northwest based Taco Time, who has anchored the center since 1994 and recently extended their lease term early for an additional 5 years. The property features landlord favorable leases with many tenants reimbursing for a management fee. The property also benefits from large traffic counts in excess of 58,000+ VPD and several new multifamily and single-family developments in the surrounding area.

Investment Highlights

  • STRONG I-5 CORRIDOR LOCATION IN RAPIDLY GROWING TRADE AREA
  • LOCATED LESS THAN 1 MILE FROM NEW $355MM AMAZON DISTRIBUTION FACILITY
  • TACO TIME DRIVE-THRU ANCHORED WITH STRONG HISTORICAL OCCUPANCY AND RECENT EARLY 5-YEAR LEASE EXTENSION
  • STRONG RENTAL UPSIDE PROVIDED BY ANNUAL RENT INCREASES FOR 79% OF THE TENANTS
  • DIVERSE, SERVICE AND DAILY NEEDS-ORIENTED TENANT MIX
  • ATTRACTIVE NNN LEASE STRUCTURE
  • HIGH DAILY TRAFFIC COUNTS (58,000+ VPD)

Exclusively Listed By

Shopping Strip

Smokey Point Plaza

Listing Price: $7,100,000

Cap Rate
6.00%
Rentable SF
24,794
Lot Size
2.12 acres
Year Built
1985

Investment Highlights

  • STRONG I-5 CORRIDOR LOCATION IN RAPIDLY GROWING TRADE AREA
  • LOCATED LESS THAN 1 MILE FROM NEW $355MM AMAZON DISTRIBUTION FACILITY
  • TACO TIME DRIVE-THRU ANCHORED WITH STRONG HISTORICAL OCCUPANCY AND RECENT EARLY 5-YEAR LEASE EXTENSION
  • STRONG RENTAL UPSIDE PROVIDED BY ANNUAL RENT INCREASES FOR 79% OF THE TENANTS
  • DIVERSE, SERVICE AND DAILY NEEDS-ORIENTED TENANT MIX
  • ATTRACTIVE NNN LEASE STRUCTURE
  • HIGH DAILY TRAFFIC COUNTS (58,000+ VPD)

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale Smokey Point Plaza, a rare drive-thru anchored retail center located in the dynamic Smokey Point corridor of Arlington, WA. The Property benefits from its strategic location alongside heavily trafficked I-5 (107,000 VPD) as well as it’s close proximity to “Project Roxy”, Amazon’s new 2.8 million square foot distribution center that is located roughly 1 mile away from the subject property. This strategic fulfillment center for Amazon will serve the northwest portion of the state of Washington and will bring more than 1,000 new jobs to the immediate area. The Property is currently occupied by a mix of national and regional tenants including Pacific Northwest based Taco Time, who has anchored the center since 1994 and recently extended their lease term early for an additional 5 years. The property features landlord favorable leases with many tenants reimbursing for a management fee. The property also benefits from large traffic counts in excess of 58,000+ VPD and several new multifamily and single-family developments in the surrounding area.

Exclusively Listed By

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