Link Representative For Property
Affiliated Company
Kidder Mathews (Commercial Real Estate Solutions)
Asset Focus
Office
Industrial
Retail
Multifamily
Listing Data Provided By
Address
5118 Point Fosdick DR NW Harbor Washington 98335
Building/Land Information
Property Type
Retail
Property Subtype
Neighborhood Center
Lot Size Acres
17.97
Olympic Towne Center 5118 Point Fosdick DR NW, GIIG Harbor, WA 98335 For Sale
Sale Price Dollars
$63,900,000.00
Market
Pierce County
Description
The Olympic Towne Center contains 235,511 square feet of gross leasable area in 10 buildings on 17.97 acres. The first building whose tenants include Key Bank and Starbucks was completed in 1982; in 1986 the Dairy Queen pad was added to the center along with construction completed on 14,148 SF multi-tenant building known
as Olympic Plaza and in 1999 the building housing Heritage Bank was added to the property. The
final phase of construction was completed in 2017, which makes up approximately 91% of the center, and includes buildings A-F totaling 213,501 SF.
Fred Meyer, a division of The Kroger Company which operates over 2,700 grocery retail units nationwide, is
the dominant grocer in the area and makes up 46% of the gross leasable area and 16% of the rental income at Olympic Towne Center. The Fred Meyer ground lease has 18 years of term remaining, (with lease extension options through 2073) and as a ground lease the tenant
is responsible for all operating and building expenses associated with their building and gas aisle improvements, and share a prorata share of the shopping center common area expenses.
CORPORATE GUARANTY
The Fred Meyer lease is fully guaranteed by it's corporate parent, Kroger, the largest supermarket chain by revenue and the second- largest retailer in the United States with an estimated 2019 revenues of $121 billion.
LOCATION COMMITMENT
Fred Meyer has been serving the Gig Harbor area since 1990 and has demonstrated its commitment to this center by recently executing a new 20-year lease with eight 5-year options.
as Olympic Plaza and in 1999 the building housing Heritage Bank was added to the property. The
final phase of construction was completed in 2017, which makes up approximately 91% of the center, and includes buildings A-F totaling 213,501 SF.
Fred Meyer, a division of The Kroger Company which operates over 2,700 grocery retail units nationwide, is
the dominant grocer in the area and makes up 46% of the gross leasable area and 16% of the rental income at Olympic Towne Center. The Fred Meyer ground lease has 18 years of term remaining, (with lease extension options through 2073) and as a ground lease the tenant
is responsible for all operating and building expenses associated with their building and gas aisle improvements, and share a prorata share of the shopping center common area expenses.
CORPORATE GUARANTY
The Fred Meyer lease is fully guaranteed by it's corporate parent, Kroger, the largest supermarket chain by revenue and the second- largest retailer in the United States with an estimated 2019 revenues of $121 billion.
LOCATION COMMITMENT
Fred Meyer has been serving the Gig Harbor area since 1990 and has demonstrated its commitment to this center by recently executing a new 20-year lease with eight 5-year options.
Location Description
The Olympic Towne Center is located in a heavily trafficked and tourist destination area, along SR 16, a primary freeway corridor that connects downtown Gig Harbor and Tacoma whose population in 2019 exceeded 216,000 residents.
EXCELLENT DEMOGRAPHICS
A substantial population of over 25,000 people live within a 3-mile radius of The Olympic Towne Center and over 90,000 people live within
a 5-mile radius. The 3 mile radius household income is over $114,000 (full report available in offering data room).
Fred Meyer anchored center with significant percentage of national tenants. Fred Meyer also has large gas service component - 14 pumps.
EXCELLENT DEMOGRAPHICS
A substantial population of over 25,000 people live within a 3-mile radius of The Olympic Towne Center and over 90,000 people live within
a 5-mile radius. The 3 mile radius household income is over $114,000 (full report available in offering data room).
Fred Meyer anchored center with significant percentage of national tenants. Fred Meyer also has large gas service component - 14 pumps.
Sale Information +-
Sale Description
Olympic Towne Center provides an investor solid in-place income from successful tenants, strong rental growth, and an unparalleled location in Gig Harbor, boasting approximately 7,000 visitors per day. In 2018, local developer, WWR Properties, constructed Olympic Towne Center in phases along
high-volume Point Fosdick Drive. The average daily traffic counts on SR 16 (the freeway connecting Gig Harbor to Tacoma via the Tacoma Narrows Bridge) are over 62,000, and along Point Fosdick Drive are more than 20,000 cars per day. Located conveniently off Highway 16, Olympic Towne Center is a major shopping destination for the Gig Harbor and Port Orchard communities and the strong demographic neighborhoods of North Tacoma.
The center is anchored by Kroeger Corporation’s regional grocer Fred Meyer which has been serving the Gig Harbor area since 1990. In June of 2015 Fred Meyer signed a twenty-year ground lease for the grocery and adjacent large gas service aisles (with options to extend into 2073) and celebrated its grand opening this supercenter new location January 2018. The center has a balanced mix of local, regional and national tenants including; AutoZone, Kaiser Permanente, PetSmart, Jimmy Johns and many more. Approximately 91% of the center is leased to e-commerce resistant tenants and feature staggered lease termination dates.
high-volume Point Fosdick Drive. The average daily traffic counts on SR 16 (the freeway connecting Gig Harbor to Tacoma via the Tacoma Narrows Bridge) are over 62,000, and along Point Fosdick Drive are more than 20,000 cars per day. Located conveniently off Highway 16, Olympic Towne Center is a major shopping destination for the Gig Harbor and Port Orchard communities and the strong demographic neighborhoods of North Tacoma.
The center is anchored by Kroeger Corporation’s regional grocer Fred Meyer which has been serving the Gig Harbor area since 1990. In June of 2015 Fred Meyer signed a twenty-year ground lease for the grocery and adjacent large gas service aisles (with options to extend into 2073) and celebrated its grand opening this supercenter new location January 2018. The center has a balanced mix of local, regional and national tenants including; AutoZone, Kaiser Permanente, PetSmart, Jimmy Johns and many more. Approximately 91% of the center is leased to e-commerce resistant tenants and feature staggered lease termination dates.
Sale Highlights
FRED MEYER occupies the largest share of the GLA, an investment grade credit tenant, having serviced the area since 1990; their leasehold includes a large gas service aisles adjacent to the store
NATIONAL TENANTS include national brands PetSmart, AutoZone, Kaiser Permanente and Wells Fargo
NEW CONSTRUCTION with few capital expenses required in the foreseeable future
STAGGERED LEASE expiration schedule with strong tenant renewal and option execution history
98% OCCUPIED with 23 tenants and 91% of tenants are e-commerce resistant
63% CREDIT tenants make up 55% of Gross Revenues DIVERSE MIX of local, regional and national tenants STABLE IN-PLACE cash flow, year one cash-on-cash 6% OFFERED FREE and Clear of Debt
NATIONAL TENANTS include national brands PetSmart, AutoZone, Kaiser Permanente and Wells Fargo
NEW CONSTRUCTION with few capital expenses required in the foreseeable future
STAGGERED LEASE expiration schedule with strong tenant renewal and option execution history
98% OCCUPIED with 23 tenants and 91% of tenants are e-commerce resistant
63% CREDIT tenants make up 55% of Gross Revenues DIVERSE MIX of local, regional and national tenants STABLE IN-PLACE cash flow, year one cash-on-cash 6% OFFERED FREE and Clear of Debt
Download Sales Brochure
OlympictownCenter.pdf34.34 MB
