Browns Point Town Center 1000 Town Center Rd NE Local commercial 3 624 m² 100 % Loué À vendre Browns Point, WA 98422 4 220 640 € (1 164,71 €/m²) Taux de capitalisation 4,75 %

Marcus & Millichap has been selected exclusively to market for sale Browns Point Town Center, a value-add grocery anchored retail center located in Browns Point, an affluent submarket of Tacoma, WA. The property is currently 77% occupied, with pending letters of intent (LOIs) expected to increase occupancy to 87%, offering stable in-place income and immediate upside potential through leasing the remaining vacant suites. In addition, the average base rent at the property is currently $11.16/SF, with over 62% of the GLA operating on month-to-month Modified Gross leases. Market rents are achievable in the $15-$18/SF NNN range. An investor has the opportunity to increase their return to nearly a 12% cap rate through leasing the remaining vacant suites, increasing rents to market, and converting Modified Gross leases to NNN. The offering also comes with a fully permitted plan to redevelop the site into a mixed-use senior housing (121 units) and retail development (17,000+ SF) over multiple buildings, offering an investor with the opportunity to drastically increase the value of the property. The property is priced at just $123/SF, which is well below the cost to build a new retail center of comparable size and quality in the Seattle/Tacoma MSA. The rent roll features a diverse mix of grocery, restaurant, service, and daily needs tenants; and no retail competition in the surrounding area; ensuring a strong and reliable income stream. Browns Point Town Center benefits from a strong and affluent customer base, with nearly 40,000 residents within a 3-mile radius and an average household income exceeding $124,000/year. The Tacoma Suburban retail submarket has a vacancy rate of only 3.1%, with average rent growth of over 4% annually for the past five years. This presents an exceptional opportunity to acquire a well-located, income-producing asset with immediate and long-term value enhancement potential.