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Properties included in Portfolio: 3106 Gateway Blvd, Prescott, AZ; APN: 103-20-600E 3280 Gateway Blvd, Prescott, AZ; APN: 103-20-600H 3452 Gateway Blvd, Prescott, AZ; APN: 103-20-599A ±0.13 AC Gateway Blvd, Prescott, AZ; APN: 103-20-598H ±0.04 AC at Gateway Blvd, Prescott, AZ; APN: 103-20-598G ±0.82 AC at Gateway Blvd, Prescott, AZ; APN: 103-20-570Y ±0.01 AC at Gateway Blvd, Prescott, AZ; APN: 103-20-598F Investment Highlights: ±318,503 SF, value-add retail mall and lifestyle center in Prescott, Arizona Anchored by Bed Bath & Beyond, Michael’s, Pier 1 Imports, and Cost Plus World Market Value-add through lease-up of the available ±104,613 SF at market rates In-place NOI of approximately $1.7 million which is comprised primarily of national, credit tenants In-place rents are currently at or below market, creating the opportunity to improve lease rates and term as current long-term tenants expire Prescott Gateway offers the only enclosed shopping experience in nearly 100 miles Investment Overview: Prescott Gateway Mall & Lifestyle Center is a modern (constructed in 2002/03) and highly-productive multifaceted retail center consisting of both an enclosed traditional mall and open-air lifestyle center. Located at 3250 Gateway Boulevard in the city of Prescott, AZ, Prescott Gateway Mall and Lifestyle Center consists of a one-story enclosed regional shopping mall with three anchor department stores (Dillard’s, JCPenney and Sears) containing a total of ±318,503 SF (±261,111 SF are unowned/anchor spaces), a ±166,711 square foot Lifestyle Center and two free-standing retail buildings with ±25,435 square feet respectively. This offering includes of ±318,503 SF on ±37.92 AC with ±1,717 parking spaces (±25 are handicapped spaces). This offering includes the following credit/anchor tenants: Bed Bath and Beyond (±30,078 SF), Michaels (±14,478 SF), a free-standing Cost Plus World Market (±18,300 SF), Pier One Imports (±9,202 SF) and Wild Flower Bread Company (±3,950 SF) which are part of the open-air lifestyle component. There are an additional +40 inline tenants throughout the Property including Buckle, Chico’s, Bed Bath Beyond and Victoria’s Secret to name a few. Many important credit national tenants have continued to exercise options or renew such as Bed Bath and Beyond (5 year option), Cost Plus World Market (7 year renewal), Michael’s (5 year option), Chico’s (2 year renewal) and Victoria’s Secret (5 year renewal), demonstrating the stability and importance of the location for these tenants. The Property benefits from retail traffic drawn to other anchor and notable tenants within the mall including Sears (not included in this offering), JCPenney (not included in this offering) and Dillard’s (not included in this offering) which are part of the enclosed mall. The Center contains approximately 579,469 SF (±318,503 SF owned/included in this sale) and was built in 2002/03 at a cost in excess of $80 million by the developer Westcor which was subsequently acquired by Macerich. The Property sits on a total of ±59 acres (only ±37.92 AC included in this offering) and is located ±100 miles NW of Phoenix and 95 miles SW of Flagstaff. Prescott Gateway Mall and Lifestyle Center is the only the shopping center within nearly 100 miles offering both an enclosed traditional mall shopping experience as well as an outdoor lifestyle and town-center component. The Property has experienced steady performance over the past several years and currently has an in-place NOI of approximately $1.7 million which is comprised primarily of national, credit tenants. A value-add opportunity exists to grow occupancy and rents within both components and for a new owner to take advantage of Prescott’s growing population and the diversity of consumer needs. The current vacancy of approximately 36% will present a new owner with various opportunities to lease-up current vacancy and introduce alternative uses to the Property such office, medical and schooling. The City of Prescott enjoys a favorable brand as an active, four-season recreation and vacation destination, and has received numerous awards and recognitions over the past decade which has led to a robust population growth. The Center is located in the nexus of Prescott Valley’s retail hub at the intersection of Highway 69 & Prescott Lakes Parkway. It is surrounded by not only first class retail, restaurant and services tenants, but also Prescott’s most prestigious and established residential communities and a growing retirement community. Located within ¼ mile of the Property are national retailers Costco, Walmart, Lowe’s, Trader Joe’s, Best Buy, Red Robin, Oliver Garden, In-N-Out, and US Bank providing high customer traffic 7 days a week. Additionally, the proximity a new multi-phase, multi-million dollar retirement community called Touchmark at the Ranch will help facilitate not only additional foot traffic to the Property, but also pave the way for the addition of new tenants, medical office and other services currently not found in the surrounding area. This property will be auctioned on Monday, April 3 - Wednesday, April 5 . The price displayed is the starting bid amount of $3,500,000. For information and to register to bid on this property, please visit Ten-X.com.
