Southcenter Parkway Shopping Center

Investment Overview

NAI Puget Sound Properties is pleased to exclusively offer for sale the leasehold interest in the Southcenter Parkway Shopping Center, comprising a 52,139 SF multi-tenant retail center located in the highly desirable Southcenter area of Tukwila, WA. This offering represents a unique opportunity to acquire the improvements for an extremely low cost basis and high stabilized yield. The buildings are subject to two ground leases (one for each parcel) with 19 and 17 years of term remaining, respectively. The ownership of the improvements revert to the landowner at expiration.

Investment Highlights

• Prime Southcenter Retail Asset
• Irreplaceable Location - Adjacent to Southcenter Mall
• 52,139 SF of Retail Space on a 3.55 AC Site
• Leasehold Sale – Improvements Only (Land Not Included)
• Subject to Ground Leases Expiring in 17 & 19 Years
• Significant Value-Add Upside – 23%+ Stabilized Cap Rate
• Compelling 20%+ IRR Potential Through Ground Lease Expiration
• Low Basis Entry Point - $67 Per Foot on the Building
• Price: $3,500,000