Martin Way Retail Pad a Se Lacey, Washington Lacey ashington

Copyright © 2016 Cushman & Wakefield. All rights reserved.

Martin Way Site Lacey, Washington

1

Steilacoom Rd SE

SR510

Mar

v in

Rd

S E

Marvin

RdNE

Pacific Ave SE

SR51

0

%&'(5

111

111

Gatew

ay Blvd NE

Britton Pkwy NE

Marvin Rd NE

Marvin Rd N

E

Martin Way E

Galaxy D

r NE

Steilacoom Rd SE

Gatew

ay Blvd NE

Britton Pkwy NE

Marvin Rd NE

Marvin Rd N

E

Martin Way E

Galaxy D

r NE

Steilacoom Rd SE

OLYMPIC VIEWELEMENTARY

NISQUALLYMIDDLESCHOOL

REGIONALATHLETICCOMPLEX

RIVERRIDGEHIGH

SCHOOL




RIVERRIDGEHIGH

SCHOOL

510

UNDER DEVELOPMENT

SENIOR HOUSING:135 UNITS

MULTI-FAMILY:248 UNITS

PRIME RETAIL PADS READY FOR DEVELOPMENT

Gary Danklefsen Senior Director+1 206 521 [email protected]

Rick Cadwell Director+1 206 521 [email protected]

1420 Fifth Avenue, Suite 2600Seattle, Washington 98101

T +1 206 682 0666

F +1 206 521 0298www.comre.com

Martin Way Retail Pad Lacey, WashingtonLand for Sale4.42 Acres- Divisible • Fully Entitled Retail Pad Sites

Ryan HaddockVice President+1 360 596 [email protected]

Table of Contents

Conceptual Site Plan ....................................................................................................................................................................... 3

The Offering ........................................................................................................................................................................................4

Offering Details .................................................................................................................................................................................. 5

Location Highlights ..........................................................................................................................................................................6

Demographics ....................................................................................................................................................................................8

Confidentiality & Conditions.........................................................................................................................................................9

Cushman & Wakefield Copyright 2016. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.



3

Conceptual Site Plan

A

B

C

D

E

Pricing: $20.51/SF - $3,950,000 for both parcels

Availability: Fall 2016

Available in whole or in parts• Retail: 4.42 Net Acres

Martin Way

Traffic Count- 17,155 cars per day (2014)

Retail/Commercial BuildingsBuilding Size (SF)

A 11,500

B 7,500

C 13,700

D 4,200

E 2,500

Total 39,400

Total Lot 4.42 Net Acres

Litt Drive SE

Gerald

Street SE

1.40 ACRES

3.02 ACRES



4

The OfferingCushman & Wakefield Commerce and Kidder Mathews is pleased to offer the remaining 4.42 acres of the 37 acre parcel for sale. These 4.42 acres is the retail portion with over 500 lineal feet of frontage on Martin Way, Lacey Washington. Wolff Properties purchased the back portion of the property and construction is under way for a 248 unit apartment complex with club house and the middle portion of the site will house a 135 unit senior housing facility.

The two retail parcels for sale will be entitled and ready for development in the fall of 2016. Final land use is being completed with the City of Lacey including a binding site plan. Utilities and sewer are in the road adjacent to the two pads. The pads are being offered at $22.00 per SF either as part or whole based upon the total acreage. The traffic count at Martin Way and Marvin Road is over 45,000 cars per day. Directly in front of the property on Martin Way are over 27,000 cars per day. Costco is directly across the street from the site. The vacancy factor in the Lacey market is under 5% and absorption of retail space in the last 12 months is over 100,000SF.

The property is primed for retail development and is one of the few entitled sites in the Thurston County marketplace that is pad ready with all utilities in place and entitlement work completed.

Investment Highlights• Retail pad site fully entitled and ready for

development

• Easy access and excellent visibility on Martin Way

• Available in whole and in part

• All utilities adjacent to the property

• Dynamic retail environment with numerous national retailers in immediate vicinity

Property Overview

Address 8501-8549 Martin Way E, Lacey, WA 98516

Zoning Mixed Use High Density Corridor

Area 4.42 Acres

Puget Sound

Auburn

Bellevue

Burien

CottageLake

Covington

Des Moines

EastHill-Meridian

EastRenton

Highlands

Federal Way

Kent

Kingsgate

Kirkland

LakelandNorth

LakelandSouth

LeaHill

MapleValley

MercerIsland

Redmond

Renton

Sammamish

SeaTac

Seattle

UnionHill-Novelty Hill

Vashon

Bremerton

Silverdale

ElkPlain

Lakewood

Parkland PrairieRidge

Puyallup

South HillSpanaway

TacomaUniversityPlace

Lacey

OlympiaFort Lewis

Camp MurrayWashington NG

McChord AirForce Base

Camp WesleyHarris

Naval Reser

KeyportNaval Reservation

JacksonPark NavalReservation

East ParkNaval

Reserve NavalSupplyCenter

Fort LawtonMilitary

Reserve

BangorNaval

Submarine Base

£¤101

£¤101

?@522

?@304

?@99

?@303

?@164

?@599

?@518

?@509

?@18

?@509

?@410

?@520 ?@202

?@8

?@3

?@512

?@167

?@169

?@7

?@16

§̈¦705

§̈¦5

§̈¦405§̈¦90

§̈¦5

§̈¦5

Puget Sound

Auburn

Bellevue

Burien

CottageLake

Covington

Des Moines

EastHill-Meridian

EastRenton

Highlands

Federal Way

Kent

Kingsgate

Kirkland

LakelandNorth

LakelandSouth

LeaHill

MapleValley

MercerIsland

Redmond

Renton

Sammamish

SeaTac

Seattle

UnionHill-Novelty Hill

Vashon

Bremerton

Silverdale

ElkPlain

Lakewood

Parkland PrairieRidge

Puyallup

South HillSpanaway

TacomaUniversityPlace

Lacey

OlympiaFort Lewis

Camp MurrayWashington NG

McChord AirForce Base

Camp WesleyHarris

Naval Reser

KeyportNaval Reservation

JacksonPark NavalReservation

East ParkNaval

Reserve NavalSupplyCenter

Fort LawtonMilitary

Reserve

BangorNaval

Submarine Base

£¤101

303

304

705

512410

164

8

Traffic Count Cars Per Day

Martin Way E 27,911 cars

Marvin Rd NE 17,155 cars

SITE



5

Offering DetailsProperty Profile

Address 8501-8549 Martin Way E, Lacey, WA 98516

Tax Parcel Portion of 1181-233-0100

Zoning Mixed Use High Density Corridor, City of Lacey

Area 4.42 Acres

Frontage 540’ on Martin Way E; 400’ on Hoh Street SE

Flood Plain According to the Federal Emergency Management Agency’s Flood Insurance Rate map No. 530188095C dated December 1, 1982 the subject site is located in Zone “C.” This designation indicates minimal flood risk.

Earthquake The subject property is located in earthquake Zone 3.

Under Development

Multi-Family 248 units plus club house

Senior Family Housing 135 units

Pricing Market Price and Terms: The Owner will consider offers on both the entire acreage and individual components; in addition to price, deposit, contracted diligence and close periods, history and competence of developer and other pertinent terms will be evaluated. Offers will be reviewed as received. Owner reserves the right to accept and or reject any offers in its sole and absolute discretion.

Pere

grin

eD

rSE

Brittany Ln NE

HohSt NE

3rd Ave SE

Talon Ln E

Hawksridge Dr SE

Blackhawk Ln

Redt

ail D

r SE

Quinault Dr NE

Wallingford

C t NE

Cow

en C

t SE

Wallingford Ln NE

Hawks Glen Loop SE

Firla

ne D

r SE

Haw

ksG

len

Dr S

E

Skokomish Way NE

Hidden Forest Dr SE

Brit

tan y

LnN

E

Martin Way E

RETAIL SITE

MULTI-FAMILY 248 UNITS

SENIOR HOUSING 135 UNITS

READY FOR DEVELOPMENT



6

Location HighlightsOutstanding Regional Characteristics

The Puget Sound region is comprised of four counties, with a total population of approximately 3.4 million residents. Located in the northwestern quadrant of Washington State, known for its scenic beauty and surrounded by approximately 2,500 miles of shoreline, the Puget Sound region serves as the financial, cultural, and population center of the Pacific Northwest. Driven by its strength in diverse industries such as aerospace, technology, international trade, biotechnology and tourism, the region has experienced dynamic growth in recent years, significantly outperforming the nation as a whole in terms of employment, job growth, per capita income and migration. While the national economy slowed during the recession, parts of it dramatically, the Puget Sound region has been relatively insulated from this trend, and economic forecasters believe the region is positioned for growth outpacing that of the national recovery.

Thurston County The Thurston County Market is strongly influenced by its predominant public sector employment, producing relatively stable economic conditions over longer periods of analysis. In recent years, the market’s proximity to the Seattle MSA has led to expanding population and the emergence of a strong wholesale trade sector. A combination of relatively stable economic drivers, increasing population growth and positive forecasted trends for the market have underscored tremendous growth in the immediate area. Since 2007, the North Hawks Prairie area has seen significant private investments in the form of comprehensive developments with noted tenancies including Cabela’s, Target and Amazon.com. As current master-development projects are moved forward, the appeal of the Martin Way site will continue to grow. Outstanding Location and Access

The site is situated within the easterly portion of the City of Lacey, with the neighborhood loosely defined by Hawks Prairie Road to the north, the Nisqually River Valley to the east and the Yelm highway and Ruddel Road to the south and west. Access to and from the neighborhood is excellent, as it lies on the southern side of I-5, with access both directions provided via interchange No. 111. As Interstate 5 is the primary interstate service the region, and Martin Way being one of the main east-west arterials serving the area, the sites access is excellent, with potential appeal to a variety of different development concepts.

Joint Base Lewis-McChord

Joint Base Lewis-McChord (JBLM) is located approximately 13.5 miles from the subject property and, given the magnitude of the facility and the proximity to the subject, has a profound and positive effect on the site and its potential. JBLM represents the largest military facility installation on the west coast, encompassing over 86,000 acres of property. Total personnel stationed at the site (both military and non military) total 57,861 year end 2015, an increase of 43% from the same period ending in 2003. With 55,000 direct employees, JBLM is the third largest employer in the state, trailing only the Boeing company and the State of Washington. The spending and economic impact the base has on the region is substantial, with estimates of direct annual construction spend to be $3.9 billion between 2010-2016. While military spending may increase or decrease in any given year, the overall trend has been indisputably positive, with government expenditures being relatively consistent, providing a smoothing effect to any private sector fluctuations. With expectations for JBLM remaining positive over the planning horizon, this base and its associated expenditures and employment serves to increase the appeal of the Martin Way site.

JBLM Travel Patterns

• Approximately80% orientedto/from I-5

• ~30% toThurston County

• ~20% to the East

• Typically use the closest access control point

• Dependent on the installation network

JBLM POPULATION DISTRIBUTION / TRAVEL PATTERNSJBLM POPULATION DISTRIBUTION / TRAVEL PATTERNS

13

SITE



7

Location Highlights Cont.Robust Retail MarketThe vacancy of the Lacey retail area is currently below 5%, enjoying a relatively stable environment. Major retailers in the area include Safeway, Walmart, Costco, Cabela’s and Home Depot, and the area remains attractive to other prominent firms. The total retail supply in the Lacey Market is about 4.7 MM square feet, with over 2.3MM of that amount having been added in the last 20 years. With forecasts for population growing and given the success enjoyed by existing retailers, the outlook remains positive with over 100,000 SF of absorption in the past 12 months.

Steilacoom Rd SE

SR510

Mar

v in

Rd

S E

Marvin

RdNE

Pacific Ave SE

SR51

0

%&'(5

111

111

Gatew

ay Blvd NE

Britton Pkwy NE

Marvin Rd NE

Marvin Rd N

E

Martin Way E

Galaxy D

r NE

Steilacoom Rd SEG

ateway Blvd N

E

Britton Pkwy NE

Marvin Rd NE

Marvin Rd N

E

Martin Way E

Galaxy D

r NE

Steilacoom Rd SE




RIVERRIDGEHIGH

SCHOOL




RIVERRIDGEHIGH

SCHOOL

510

UNDER DEVELOPMENT

SENIOR HOUSING:135 UNITS

MULTI-FAMILY:248 UNITS



8

Demographics 1 Mile Radius 3 Mile Radius 5 Mile Radius 15 Minute Drive

2015 Estimated Population 8,451 38,525 88,438 136,211

2015 Estimated Households 3,313 15,614 36,490 54,656

2015 Est. Average HH Income $55,771 $67,748 $62,545 $59,387

Median Age 33.9 36.4 37.7 35.7

Population Age 65 Years or Older 9.6% 12% 14.1% 14.5%

Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2015 and 2020.

RIVERRIDGEHIGH

SCHOOL







RIVERRIDGEHIGH

SCHOOLM

arvin Rd NE

Marvin Rd N

E

Martin Way EMartin Way E

Steilacoom Rd SESteilacoom Rd SE

Steilacoom Rd SE

Steilacoom Rd SE

Paci�c Ave SEPaci�c Ave SE

510

TanglewildeTerrace

Townhomes7601 3rd Avenue SE

28 Units

Tanglewilde Apartments

7627 3rd Avenue SE80 Units

Hawks PrairieApartments

7627 3rd Avenue SE16 Units

7602 SE 3rd Avenue32 Units

Brittany LaneApartments

1404 NE Brittany Lane189 Units

Carpenter CrestApartments

201 Carpenter Rd SE104 Units

6845 MartinWay E

58 Units

Blue MoonTrailer Park

7838 Martin Way E24 Units

Martin Way MobileHome Park

8103 Martin Way E40 Units

8510 MartinWay E

46 Units

The FirsApartments

948 Neil Street NE49 Units

The Madison105 Newberry Lane SE

190 Units

Pacific PlaceApartments

6914 Pacific Avenue SE59 Units

Nisqually RidgeApartments

110 River Ridge Drive SE58 Units

9211 SkokomishWay NE36 Units

The Village atNisqually Ridge

9231-9343 Skokomish Way NE - 108 Units

Abbey RoweApartments

9320 Windsor Lane NE162 Units

9000-9041Steilacoom Road NE

20 Units



9

Confidentiality & Conditions

SITE

Commerce Real Estate Solutions, LLC (“Agent”) in conjunction with Kidder Matthews has been exclusively retained to offer to qualified investor users an opportunity to purchase the Martin Way Site, located in Lacey, Washington, (the “Property”). This Property is being offered for sale in an “as-is, where-is” condition and Seller and Agent make no representations or warranties as to the accuracy of the information contained in this document.

Any offering materials provided are done so solely to facilitate the prospective investor’s own due diligence for which it shall be fully and solely responsible. The material contained herein is based on information and sources deemed to be reliable, but no representation or warranty, express or implied, is being made by Agent or Seller or any of their respective representatives, affiliates, officers, employees, shareholders, partners, and directors, as to the accuracy or completeness of the information contained herein. Summaries contained of any legal or other documents are not intended to be comprehensive statements of the terms of such documents, but rather only outlines of some of the principal provisions contained therein. Neither the Agent nor the Seller shall have any liability whatsoever for the accuracy or completeness of the information contained herein or any other written or oral communication or information transmitted or made available or any action taken or decision made by the recipient with respect to the Property.

Interested parties are to make their own investigations, projections and conclusions without reliance upon the material contained herein.

Seller reserves the right, at its sole and absolute discretion, to withdraw the Property from being marketed for sale at any time and for any reason. Seller and Agent each expressly reserve the right, at their sole and absolute discretion, to reject any and all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time, with or without notice. This offering is made subject to omissions, correction of errors, change of price, or other terms prior to sale or withdrawal from the market without notice. Agent is not authorized to make any representations or agreements on behalf of Seller.

Seller shall have no legal commitment or obligation to any interested party reviewing the enclosed materials, performing additional investigation, and/or making an offer to purchase the Property unless and until a binding written agreement for the purchase of the Property has been fully executed, delivered, and approved by Seller and any conditions to Seller’s obligations there-under have been satisfied or waived.

Rick Cadwell

Director +1 206 521 0285 [email protected]


Gary Danklefsen

Senior Director +1 206 521 0270 [email protected]

Ryan Haddock

Vice President +1 360 596 9151 [email protected]

Martin Way Retail Pad a Se Lacey, Washington Lacey ashington

Documents

Transcript of Martin Way Retail Pad a Se Lacey, Washington Lacey ashington