GLACIER VILLAGE
9107 Mendenhall Mall Road Grocery anchored J U N E A U , A L A S K A Community Shopping Center $15,250,000 / 7.14% Cap in Southeast Alaska 100% Leased Grocery-anchored investment opportunity Multi-tenant community destination 27.23 acres / 1,186,138 square feet
Offering Overview Address: 9107 Mendenhall Mall Road Jones Lang LaSalle (JLL) is pleased to exclusively offer for sale Glacier Size: 242,797 square feet Village (the ”Property” or the “Offering”) located in picturesque Juneau, Alaska. The property is situated on a strong commercial intersection in Year Built: 1972 - 1991 one of Juneau’s neighborhood retail destinations. Built between 1972- 1991, this Super Bear (IGA) grocery-anchored center is a dominant Occupancy: 100% shopping center serving the trade area since construction. The property # of Tenants: 4 Fee Simple & 12 Ground Lease boasts excellent frontage along Egan Expressway, a four lane, asphalt surfaced roadway maintained by the State of Alaska, which runs to Site Area: 27.23 acres / 1,186,138 square feet the east toward the Juneau International Airport and into Downtown Juneau.
With occupancy of 100%, Glacier Village offers a good mix of retail choices which serves a large customer base. Since construction, the property has been well maintained and continues to be one of the primary retail centers. This offering is situated on approximately 27.23 acres with premium frontage and 4 access points. The center features a tenant lineup including Super Bear Grocery, Sears, Napa Auto Parts, Papa Murphy’s, and Nugget Alaskan Outfitters. investment highlights central location Egan Drive (Alaska Route 7) and Menden Hall Loop are two of the major thoroughfares servicing the entire Juneau trade area with daily
r traffic counts of over 25,000 vehicles e GLACIER VILLAGE v 11,193 VPD i R per day.
l l a h Daily Traffic Counts n Mendenhall Loop Road e Vintage Blvd. d Mendenhall Mall Road Egan Drive (Alaska Route 7) 25,152 n Riverside Dr. e Mendenhall Loop Road 17,631 M Atlin Drive Riverside Drive 11,193
7 Egan Drive 17,631 VPD
25,152 VPD Glacier Highway
Dominant Neighborhood Grocery-Anchored Center Anchored by Super Bear Supermarkets, Glacier Village has excellent visibility, ingress and egress, and boasts a good tenant lineup making it the top choice within the trade area. The property is situated at the prominent intersection of Egan Expressway and the Mendenhall Loop with combined traffic counts nearing 21,000 vehicles per day.
Large Trade Area Juneau serves as a hub for many outlying communities in Southeast Alaska and with limited competition, Glacier Village serves a large customer base. Juneau is also the state’s capital and the third largest city in the state, providing a steady employment base and stable economy.
Strong Historical Occupancy / Below Market Rents Currently 100% occupied, historically the property has maintained strong occupancy. Glacier Village is over 80% lease on ground leases that are 50% - 75% under the current market rental rates providing investors with a stable income stream with potential upside through NOI growth.
Stable Local Economy As the state capital, Juneau’s primary employer is the government, including state government, municipal government, federal government, local airport, hospital, harbors, school district and the University of Alaska Southeast. It is estimated that approximately one-quarter of the local economy is driven by the numerous state government offices. Juneau’s employment base also includes thriving fishing, mining and light manufacturing industries. Approximately 800 mining employees in Southeast Alaska earned onaverage $103,000 in 2015, the highest wages in the region of any sector, with two large mines accounting for nearly all mining employment.
Development Potential The property offers three separate prime development sites totaling over 3.35 acres of vacant land providing investors with the option to increase density. Zoned Light Commercial (LC), these sites will accommodate a wide range of commercial uses.
INVESTMENT ADVISORS FINANCING ADVISOR MARK THYGESEN LORI HILL MARK FILIPENKO ZACK GOODWIN Retail Associate Managing Director Broker - Bond Filipenko Senior Associate Capital Markets Capital Markets Commercial Properties, LLC Capital Markets Finance +1 206 607 1737 +1 206 971 7006 +1 907 792 5555 +1 206 607 1791 [email protected] [email protected] [email protected] [email protected] OFFERED EXCLUSIVELY BY:
601 Union Street, Suite 2800 • Seattle, WA 98101 • +1 206 607 1700 main • +1 206 607 1701 fax • jll.com/seattle