Longston Place | Value-Add Center Retail FOR SALE


Puyallup, WA
$15,490,000 USD
206-826-5787
, Puyallup, WA for Sale
$15,490,000 USD
Retail - FOR SALE
1/3
null | 7.9% Cap Rate

Longston Place | Value-Add Center
Puyallup, WA


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 | Multiple Pad Sites Ready for Development
  • Strategic Location / High Traffic Counts | Affluent Demographics, High-Growth Submarket

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.

ASK ABOUT THIS PROPERTY

Clayton BrownMarcus & MillichapMore Info
206-826-5787

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Clayton BrownMarcus & MillichapMore Info
206-826-5787

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.