For Sale > Retail Investment Opportunity
Kelsey Road Station 14650 North Kelsey Street, Monroe, WA 98272
Kelsey Road Station is a 21,452 square foot retail center located in the heart of Monroe’s retail trade with surrounding retailers including Fred Meyer, Lowe’s, Galaxy Cinemas, Safeway, Staples, Albertsons and a proposed Wal-Mart. The offering provides the investor with leasing upside, long-term leases, rental increases and highquality construction.
Paul Sleeth Senior Vice President +1 206 223 1266
[email protected] Billy Sleeth Retail Investment Sales +1 206 654 0522
[email protected] Colliers International 601 Union St., Suite 5300 Seattle, WA 98101 www.colliers.com
For Sale > Retail Investment Opportunity
Kelsey Road Station 14650 North Kelsey Street, Monroe, WA 98272
Investment Highlights Leasing Upside The property is offered on as-is income with 9,026 square feet of vacancy. This provides the opportunity to significantly increase income upon stabilization. Access and Visibility The property benefits from a strong location on North Kelsey Street, two blocks from Highway 2. North Kelsey Street is the primary loop in the market, serves the majority of the retail trade area and provides access to Highway 2. In addition there are 164 parking stalls (7.6 stalls per 1,000 GLA) on the property, providing abundant parking for the center. High Quality Construction Developed in 2007, Kelsey Road Station has excellent curb appeal and is one of the highest quality centers in the trade area. Strong Retail Trade Area This asset is located within a strong retail trade area. Neighboring retailers include Fred Meyer, Lowes, Safeway, Albertsons and Galaxy Cinemas. Strong Location in the Trade Area Kelsey Road Station benefits from an excellent location adjacent to Fred Meyer, in front of Galaxy Theaters and across the street from the proposed Wal-Mart.
Proposed Wal-Mart Wal-Mart has plans to open a new 155,000-square-foot store in the North Kelsey Development Area, directly across the street from Kelsey Road Station. The store is slated to open in 2012 and would provide significant draw to the trade area, especially to Kelsey Road Station. Long Term Leases Hot Iron Mongolian Grill, Shake N’ Go, Tokyo Teriyaki & Wok, and the Graham Jones, DDS Orthodontics leases all expire in 2017. The Tan Line, Inc. lease expires in 2015. Rental Increases All of the leases contain rental increases. Traffic Counts Average daily traffic counts in are in excess of 50,000 at the intersection of North Kelsey Street and Highway 2. Strong Snohomish County Economy Snohomish County has experienced exceptional economic growth over the past decade and has become nationally recognized as a strong, stable and expanding economy. Although Boeing and US Navy remain the largest employers in the area, organizations such as Premera Blue Cross, the Tulalip Tribe, Intermec and many other local companies help diversify the county’s employment.
Kelsey Road Station
Kelsey Place
Proposed
Industries International, Inc.
For Sale > Retail Investment Opportunity
Kelsey Road Station 14650 North Kelsey Street, Monroe, WA 98272
Site Description Address: 14650 North Kelsey Street, Monroe, WA 98272 County: Snohomish Year Built: 2007 Parcel Number: 280636-004-03300 Land Area: 113,256 SF Rentable Area: 21,452 SF Parking Stalls: 164 Stalls (7.6 Stalls per 1,000 SF GLA)
Financials As-Is Net Operating Income: Price:
Average Household Income 1 mile radius: 2 mile radius: 3 mile radius:
$ 333,414 Best Offer
$ 69,428 $ 80,674 $ 84,831
SUITE #
TENANT
103
Tan Line, Inc.
1,400
105
American Family Mutual
1,559
106
Shake N Go
1,300
108
Tokyo Teriyaki & Wok
1,468
110
Graham Jones, DDS
1,994
112
Couture Nails
1,355
112
Monroe’s Game Haven
114
Hot Iron Mongolian Grill
2,400
Available Space
9,026
TOTAL
SF
950
21,452
This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. Colliers International is a worldwide affiliation of independently owned and operated companies. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2011. All rights reserved.
Paul Sleeth Senior Vice President +1 206 223 1266
[email protected] Billy Sleeth Retail Investment Sales +1 206 654 0522
[email protected] Colliers International 601 Union St., Suite 5300 Seattle, WA 98101 www.colliers.com