Former Circuit City
Former Circuit City
Former Circuit City
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<strong>Former</strong> <strong>Circuit</strong> <strong>City</strong><br />
2815 Capital Mall Dr SW, Olympia, Washington 98502 www.capitalpacific.com<br />
Chris Peters<br />
Email: cpeters@capitalpacific.com<br />
Phone: (415) 274.2703<br />
Chris Kostanecki<br />
Email: ck@capitalpacific.com<br />
Phone: (415) 274.2701<br />
Zeb Ripple<br />
Email: zripple@capitalpacific.com<br />
Phone: (415) 274.2702<br />
Michael J. Horwitz<br />
mhorwitz@capitalpacific.com<br />
503.675.8381<br />
Kevin S. Adatto<br />
kadatto@capitalpacific.com<br />
503.675.7726
<strong>Former</strong> <strong>Circuit</strong> <strong>City</strong><br />
2815 Capital Mall Dr. SW, Olympia,<br />
Washington 98502<br />
Building Square Footage: 35,776<br />
Land Square Feet: 217,800 square feet or 5 acres<br />
Year Built: 1995<br />
Parking Spaces: 187 spaces or 5.2 per 1,000 sq ft<br />
The Offering Process<br />
Terms: All cash solicitation of offers.<br />
Offering Price: The property is offered unpriced.<br />
Offer Date: To be announced. Ownership may consider offers in advance<br />
of an official call for offers.<br />
On the offer date, offers should be submitted through facsimile, email or mail<br />
in a letter of intent format and should be submitted to:<br />
Erica Nordquist<br />
Capital Pacific, LLC<br />
Phone: 503-675-8377<br />
Fax: 503-675-8379<br />
Email: enordquist@capitalpacific.com<br />
Offers from potential investors should include:<br />
- Complete Letter of Intent<br />
- Outline of specific contingencies and outline of due diligence issues<br />
remaining to be satisfied.<br />
- Description of investor’s source of capital and approval process for the<br />
acquisition<br />
- Summary and/or references from recent similar transactions<br />
- Whether or not a site tour has occurred or when it can occur<br />
COPYRIGHT © 2011. ALL USE, DISCLOSURE AND/OR REPRODUCTION NOT SPECIFICALLY AUTHORIZED IS PROHIBITED. ALL RIGHTS RESERVED. Capital Pacific (“Agent”) has presented this confidential Investment Memorandum to assist the recipient in evaluating the “Property” and it is intended for your use only. This confidential material contains brief,<br />
selected information pertaining to the Property and shall not be considered all-inclusive or unchanged since the date of preparation. No warranty as to the accuracy or completeness is expressed or implied. The information has been received from sources believed to be reliable but is not guaranteed. Agent disclaims all liabilities in connection<br />
with any inaccuracies or incompleteness. The Buyer should independently verify each item of information and have the same reviewed by its tax advisor and/or legal counsel. The Buyer agrees that (a) the materials are of a highly confidential nature and will be held in the strictest confidence or shall be returned to Agent upon request; (b) the Buyer<br />
shall not contact any property manager, employee or tenant of the Property regarding the enclosed materials or the Property, without prior approval of Agent; and (c) the Buyer understands and agrees that Agent represents the seller and not the Buyer. Neither the seller nor Agent shall have any obligation to pay any commission, finder’s fee, or other<br />
compensation to any broker or other person dealing with the Buyer. The Buyer may provide information to persons retained for the purpose of evaluating the Property after first obtaining a signed confidentiality agreement from such persons to keep such information confidential. The Buyer shall defend, indemnify and hold harmless the seller, Agent<br />
and its affiliates from and against any claims, demands, damages, liabilities, costs or expenses, including reasonable attorneys’ fees, relating to any claim for a commission, finder’s fee or other compensation by any broker or other person dealing with the Buyer. The Property is being sold on an “as-is, where-is” and “with all faults” basis. - 2011
<strong>Former</strong> <strong>Circuit</strong> <strong>City</strong> - Investment Highlights<br />
Summary<br />
Capital Pacific, LLC is pleased to offer investors/users the opportunity to purchase the <strong>Former</strong> <strong>Circuit</strong> <strong>City</strong> (the “Property”). The <strong>Former</strong> <strong>Circuit</strong> <strong>City</strong> is located on Capital Mall Drive<br />
SW, one of the more prominent retail thoroughfares in Olympia as evidenced by the large number of national and regional tenant located in proximity to the subject property.<br />
This well located property sits directly across the street from a 560,000 square foot regional mall owned by Westfield, with such national tenants as JC Penney, Best Buy, REI, Century<br />
Cinema, Forever 21, 24 Hour Fitness and Macy’s.<br />
Investment Highlights<br />
Property is Located in the Retail Hub of the Immediate Trade Area<br />
The Property is considered the retail hub of the trade area which is supported by numerous<br />
surrounding national & regional tenants. Besides the aforementioned tenants within the<br />
560,000 square foot Capital Mall; tenants include Target, Safeway, Big 5, Toys R Us, Staples<br />
& Rite Aid, all less than a quarter mile from the subject property. The Property has direct<br />
frontage on Capital Mall Drive SW, which is the main retail thoroughfare that also serves the<br />
regional mall.<br />
Excellent Visibility and Traffic Counts<br />
The <strong>Former</strong> <strong>Circuit</strong> <strong>City</strong> has frontage and visibility directly on Capital Mall Drive and is located<br />
at a highly trafficked retail area with traffic counts in excess of 36,700 cars per day at the<br />
confluence of Capital Mall Drive and Cooper Point Rd NW. An existing plyon sign increases the<br />
already excellent visibility both from the east and west. The Property benefits from a strong<br />
population draw within a 3-5 mile radius of 44,616 & 88,388 respectively. The subject property<br />
also draws from day time population due its proximity to the Capital Mall and downtown area.<br />
Located within the State Capital-Stable Work Force<br />
Olympia is the state capital of Washington and considered within the south Puget Sound region;<br />
located approximately 60 miles south of Seattle. The economic engine is fueled by the state<br />
government, accounting for nearly 45 percent of the county workforce, creating a stable and<br />
educated work force, along with a well-supported school system, ranking Thurston County as<br />
one of the top ten places in the US to do business. It is also acknowledged as a regional health<br />
care hub and home to highly recognized full service hospitals, such as Providence St. Peter<br />
Hospital and Capital Medical Center. The Property is located less than 3 miles from Interstate<br />
5 and within an hour or two from recreational attractions such as skiing and the ocean shores.<br />
Sell Below Replacement Cost<br />
The Property will be sold below replacement cost. With true replacement cost of the Property<br />
approaching $120-$130 per square foot, the <strong>Former</strong> <strong>Circuit</strong> <strong>City</strong>’s ultimate purchase price will<br />
provide a competitive advantage compared to existing competition and more specifically new<br />
development or planned development. The site improvements include asphalt paved parking<br />
area (5.2 per 1,000), curbing, excellent signage on Capital Mall Drive, landscaping, yard lighting<br />
and drainage.<br />
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<strong>Former</strong> <strong>Circuit</strong> <strong>City</strong> - Aerial<br />
Furniture<br />
LOFT<br />
Harrison Ave. NW<br />
Century21<br />
Theaters<br />
Cooper Point Rd NW ADT: 28,000<br />
FOREVER 21<br />
WESTFIELD CAPITAL MALL<br />
Downtown Olympia 2.3 mi.<br />
Capital Mall Dr. SW ADT: 8,700<br />
Subject Property<br />
Black Lake Blvd. SW ADT: 25,000<br />
ADT: AVERAGE DAILY TRAFFIC<br />
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<strong>Former</strong> <strong>Circuit</strong> <strong>City</strong> - Local & Regional Maps<br />
Downtown<br />
Olympia<br />
Subject Property<br />
Subject Property<br />
5
<strong>Former</strong> <strong>Circuit</strong> <strong>City</strong> - Construction Details<br />
Property Description<br />
Name: <strong>Former</strong> <strong>Circuit</strong> <strong>City</strong><br />
Location: 2815 Capital mall Drive SW, Olympia, WA<br />
County: Thurston County<br />
Year Built: 1995<br />
Building Size: 35,776 SF<br />
Number of Stories: 1<br />
Site Size: 5 acres<br />
Zoning: High Density Corridor 4 (HDC-4)<br />
Parking: Approx. 187 spaces or 5.2/1,000 SF<br />
Access/Exposure: Directly off of N. Division Street<br />
Site Improvements<br />
Foundation: Poured Concrete Slab<br />
Exterior Walls: Structural steel framing with concrete tilt up panel walls and structural steel framing<br />
with fixed glass window panels.<br />
Roof Structure/ Roof Cover: Plywood decking supported by glue laminated wood beams, and wood<br />
trusses with plastic sheeted fiberglass batt insulation and a built-up roof covered with a rolled mineral<br />
cap sheeting.<br />
HVAC:<br />
Units: 9 roof mounted package units<br />
Source: Natural gas<br />
System: Forced Air<br />
Electric (AMPs, Volts, Phase): 1,200 amperes, 240/120 volt, three phase, four wire alternating current.<br />
Interior Walls: Drywall<br />
Floor Covering: Carpet & tile<br />
Windows: Fixed-pane window units with double glazing in aluminum frames.<br />
Elevators (Type, Number): None<br />
Loading Docks: Dock high loading door<br />
Fire Sprinkler: 100% sprinklered<br />
Utilities:<br />
Water: <strong>City</strong> of Olympia<br />
Sewer: <strong>City</strong> of Olympia<br />
Electric Power: Puget Sound Energy<br />
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<strong>Former</strong> <strong>Circuit</strong> <strong>City</strong> - Location Overview<br />
Olympia, WA<br />
Olympia is the capital city of Washington state and the county seat of Thurston County. For the past two<br />
years, Forbes Magazine has ranked the Thurston County region as one of the top ten places in the US<br />
to do business. The ranking recognizes the region’s favorable performance in cost of living, job growth,<br />
recreational and cultural opportunities and educational attainment. Thurston County also benefits from<br />
a strategic location at the mid-point between the major metropolitan areas of the central Puget Sound<br />
to the north, and Portland, Oregon to the south.<br />
Thurston County’s major north-south artery, Interstate 5, offers access points to vibrant communities,<br />
emerging industrial and commercial business parks. One of the strong clusters of business activity<br />
centers around the government’s legislative process. State government accounts for nearly 45 percent<br />
of the county workforce.<br />
In the last several years Thurston county’s economy has diversified: professional services such as internet<br />
and web design firms, legal and consulting companies rank as some of the leading industries.<br />
Thurston County Major Employers<br />
Employer # of Employees (Approx.)<br />
State Dept. of Social & Health Services 3,211<br />
Providence St. Peter Hospital 2,400<br />
State Dept. of Labor & Industries 1,939<br />
State Dept. of Transportation 1,815<br />
North Thurston Public Schools 1,730<br />
Downtown Olympia, WA<br />
Demographics<br />
Population 1 Mile: 3 Miles: 5 Miles:<br />
2000 Population 9,087 39,667 77,536<br />
2010 Population 9,639 44,616 88,388<br />
2015 Population (Projection) 10,094 48,007 95,839<br />
2010 Income<br />
2010 Average Household Income $50,541 $61,031 $64,749<br />
2010 Median Household Income $41,053 $52,010 $55,538<br />
For more information:<br />
Chris Kostanecki<br />
Email: ckostanecki@capitalpacific.com<br />
Phone: (415) 274.2701<br />
Chris Peters<br />
Email: cpeters@capitalpacific.com<br />
Phone: (415) 274.2703<br />
Kevin S. Adatto<br />
kadatto@capitalpacific.com<br />
503.675.7726<br />
www.capitalpacific.com<br />
TM<br />
Zeb Ripple<br />
Email: zripple@capitalpacific.com<br />
Phone: (415) 274.2702<br />
Michael J. Horwitz<br />
mhorwitz@capitalpacific.com<br />
503.675.8381<br />
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