Eleventh Place Center
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ELEVENTH PLACE CENTER KIDDER.COM OFFERING MEMORANDUM | 34617 11TH PL S | FEDERAL WAY, WA TABLE OF 01 CONTENTS EXECUTIVE SUMMARY 02 PROPERTY DESCRIPTION 03 MARKET OVERVIEW EXCLUSIVELY OFFERED BY JOEL SHABEL WILL FRAME DREW FRAME 253.722.1406 253.722.1412 253.722.1433 [email protected] [email protected] [email protected] KIDDER.COM The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Kidder Mathews and should not be made available to any other person or entity without the written consent of Kidder Mathews. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Kidder Mathews has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Kidder Mathews has not verified, and will not verify, any of the information contained herein, nor has Kidder Mathews conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. This information has been secured from sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Recipient of this report must verify the information and bears all risk for any inaccuracies. 01 EXECUTIVE SUMMARY THE OPPORTUNITY LOCATION AERIAL LOCATION MAP ELEVENTH PLACE CENTER OFFERING MEMORANDUM KIDDER MATHEWS 3 INVESTMENT SUMMARY Offering Price $2,650,000 Price / SF $133.13 Land Area .88 AC (38,144 SF) Year Built 1981 Net Rentable ±19,905 SF Area Stories 3 Parking 6.9 stalls/1,000 SF EXECUTIVE INVESTMENT SUMMARY Over $125 Million being invested in the new Town Center Vacancy steadily decreasing and rental rates are SUMMARY rising in South King County Weyerhaeuser Campus re-purposing will create jobs and bring vendors to the city Eleventh Place Center (34617 11th Place South, Federal Way, WA) is a value add or owner/user three- story office/medical office building consisting of ±19,905 rentable square feet on ±34,145 square feet of land. The property offers a rare ownership opportunity to own a office/medical building in the South King County market. Eleventh Place Center offers floor plates of 7,733 square feet, with numerous services nearby with great access and exposure. Eleventh Place Center is a well positioned and desirable asset. The building is located off 348th and Pacific Highway in Federal Way, and has a parking ratio of 6.9/1,000 square feet. The Metro Bus Line and Link Light Rail are one block from the building. St. Francis Hospital is 3 blocks away. ELEVENTH PLACE CENTER OFFERING MEMORANDUM KIDDER MATHEWS 4 SEATTLE ST. FRANCIS FRANCISCAN HOSPITAL SUBJECT PROPERTY PACIFIC HWY S S 348TH ST THE CROSSING TACOMA ELEVENTH PLACE CENTER OFFERING MEMORANDUM KIDDER MATHEWS 5 BELLINGHAM SAN JUAN ISLAND FRIDAY HARBOR MT. VERNON STANWOOD CAMANO ISLAND MARYSVILLE EVERETT WHIDBEY ISLAND LYNNWOOD BOTHELL KIRKLAND REDMOND SILVERDALE PUGET SOUND LAKE BELLEUVE WASHINGTON SAMAMISH BREMERTON MERCER ISLAND ISSAQUAH RENTON BURIEN VASHON ISLAND KENT MAPLE VALLEY FEDERAL WAY AUBURN SUBJECT PROPERTY TACOMA PUYALLUP ELEVENTH PLACE CENTER OFFERING MEMORANDUM KIDDER MATHEWS 6 OLYMPIA 02 PROPERTY DESCRIPTION PROPERTY SUMMARY SITE AERIAL FLOOR PLANS ELEVENTH PLACE CENTER OFFERING MEMORANDUM KIDDER MATHEWS 7 PROPERTY DESCRIPTION LOCATED AT 34617 11th Place South, Federal Way, WA KING County MUNICIPALITY is City of Federal Way BUILDING SIZE of ±19,905 square feet LAND AREA of .88 ACRES (±34,145 SF) BUILT in 1981 THREE stories ZONED OP - Office Park TYPE OF CONSTRUCTION is masonry ONE elevator 6.9 STALLS/1,000 RSF for parking HVAC ELEVATOR and stair(s) interior access BUILDING ACCRSS on S 348th Street and 11 Avenue South ELEVENTH PLACE CENTER OFFERING MEMORANDUM KIDDER MATHEWS 8 SUBJECT PROPERTY ST. FRANCIS PACIFIC HOSPITAL HWY S 348TH STREET ELEVENTH PLACE CENTER OFFERING MEMORANDUM KIDDER MATHEWS 9 FLOOR PLANS FIRST FLOOR ELEVENTH PLACE CENTER OFFERING MEMORANDUM KIDDER MATHEWS 10 FLOOR PLANS SECOND FLOOR ELEVENTH PLACE CENTER OFFERING MEMORANDUM KIDDER MATHEWS 11 FLOOR PLANS THIRD FLOOR ELEVENTH PLACE CENTER OFFERING MEMORANDUM KIDDER MATHEWS 12 03 MARKET OVERVIEW KING COUNTY MARKET 2019 2ND QUARTER REPORT ELEVENTH PLACE CENTER OFFERING MEMORANDUM KIDDER MATHEWS 13 Outdoor Activities, Culture, Sports The Seattle area’s natural beauty and mild climate encourage year- round activities such as hiking in the Olympic or Cascade Mountains, kayaking on Lake Union, or cycling on any of the many rails-to-trails paths. forecast period. The Puget Sound Regional Council is estimating the Art and culture are also driving area’s population to be 4,479,131 forces in the region. There are in 2030, an 11.9% increase. MARKET 34 museums, 30 performing arts OVERVIEW centers, and—at last count—at least The Seattle-Tacoma-Bellevue 29 professional theatre companies. metropolitan area (MSA) is clearly the economic engine of Washington GREATER SEATTLE AREA Professional sports teams include State. The MSA ranks 13th among Seattle is the largest city in the four- major league football and baseball 362 markets nationwide in terms county metropolitan area known as as well as soccer and hockey. The of effective buying income (EBI or the Puget Sound region. The area’s region’s professional football team, after-tax, discretionary spending other major metropolitan cities the Seahawks, won the Super power). The median household EBI include Bellevue, Tacoma, Everett, Bowl in 2013. In addition, there is in the Greater Seattle Area is 20% and Bremerton. Surrounding these thoroughbred racing, minor league higher than the national median. are growing cities that include baseball, and the University of Kirkland, Redmond, Kent, Renton, Washington Huskies to cheer on. Approximately 56% of the Bothell, and Issaquah. population is in the prime workforce age of 25-64. Residents are among DEMOGRAPHICS the most highly educated in the CLIMATE The region consists of approximately nation, with more than 35% having The temperate climate lets residents 3,898,720 (2015, U.S. Census at least a bachelor’s degree and one- and visitors enjoy the outdoors year- Bureau Estimate) residents in third of those holding a graduate or round. High temperatures in July King, Snohomish, Pierce, and professional degree. average just 75 degrees, while low Kitsap counties. The current figure temperatures drop below freezing represents a 1.6% increase over the Long-term forecasts call for the an average of only 15 days per 2014 as the region added 63,270 Greater Seattle area to resume its year. The rainfall keeps the region’s new people. This marks the fourth historic strong growth patterns. vegetation a lush green, however, consecutive year of increased The Puget Sound Regional it rarely rains heavily and the total annual growth. Positive population Council expects the area to add average rainfall is 35 inches, less growth in the region is expected approximately 855,000 new jobs than New York City or Miami. to continue through the end of the by 2040. ELEVENTH PLACE CENTER OFFERING MEMORANDUM KIDDER MATHEWS 14 Northwest. The university has a total enrollment of 7,422 students of which 63% are undergraduates. Seattle University employs 1,400 faculty and staff. The U.S. News 2015 EDUCATION rankings place Seattle University contract companies. The State ranks 6th among the top universities Washington State is home to six among the top 10 states in general in the West that offer a full range public four-year colleges and freight tonnage carried by trucks of masters and undergraduate universities, 34 public community intrastate. The competition results programs. and technical colleges, and in favorable negotiated freight rates. more than 300 private colleges, All regional communities are universities, career, and vocational TRANSPORTATION accessible from Seattle over an schools. King County has a well-developed efficient, well-planned freeway transportation system which The University of Washington system. The average commute provides links to all parts of the continues to gain increased national between Seattle and outlying country and world. Seattle’s port is recognition. According to America’s cities and suburbs is 23 minutes closer to the main trading partners Best Colleges, U.S. News & World (non-peak) and 45 minutes (peak). in Asia than any other major U.S. Report in 2015, the UW was ranked The region’s highway network is port and the region’s distribution 52 among all national universities, anchored by three main highways: networks move goods efficiently tied with University of Texas-Austin inland. U.S. Interstate 5 which runs north- and Pepperdine University. The to-south from Vancouver, British U.S. News 2015 graduate school The Puget Sound region’s multi- Columbia to San Diego, California rankings show many of the UW’s modal transportation system graduate programs among the best includes two transcontinental Interstate 90 which runs west-to-east in the nation.