3250 Gateway Boulevard, Prescott, AZ 86303

$12,200,000
Property Type: Commercial/Indstrial Baths: 75 Square Footage: 313,132 Lot Size (sq. ft.): 1,548,994 Status: Closed
Current Price: $12,200,000 List Date: 12/02/2021 Last Modified: 11/16/2022

Description

Prescott Gateway Mall is a modern, multifaceted regional shopping mall built in 2002, comprised of both an indoor traditional mall and an open-air outdoor lifestyle center. Indoors, under a magnificent exposed beam ceiling, are approximately 133,000 square feet and 67 suites, six of which serve an open and inviting food court. Outside, in the nicely landscaped open-air lifestyle center, 29 more suites occupy approximately 192,000 square feet. The property hosts national, regional and independent tenants including Bed Bath & Beyond, Michaels, Mattress Firm, Famous Footwear, Chico's, Bath & Body Works and Spencer's. Prescott Gateway Mall is an exciting value-addable opportunity for an investor looking to reposition the project. Some of the upsides include the

Supplements: potential of developing outparcels and/or selling the pads, building out the 21,000 square feet of gray shell space, increasing under market rents, rebranding the property and drawing alternative uses to the property. The possibilities are endless. This is the only shopping mall for nearly 100 miles offering both an enclosed traditional mall shopping experience as well as an outdoor lifestyle and Town Center component. Flush with variety and centrally located, the mall functions as a community hub for the Quad City Area Prescott, Prescott Valley, Chino Valley, Dewey-Humboldt - and beyond. Demographically, the area continues to grow at a remarkable rate, fueled by a steady stream of new arrivals seeking refuge from the tax and regulation burdens of bigger cities and states. Prescott Gateway Mall is located in the area's prime retail hub at the intersection of State Route 69 and Prescott Lakes Parkway. It is surrounded by Class A retail, restaurant and service tenants including Costco, Walmart, Lowe's, Trader Joe's, Best Buy, Red Robin, Olive Garden, In-N-Out, and US Bank, as well as some of Prescott's most prestigious and established residential communities and a flourishing retirement community.

More Information MLS# 1043833

ContractAddressLegal

Original List Price: 15000000 Listing Date: 2021-12-02 Status: Closed Listing Price: 15000000 Street #: 3250 Street Name: Gateway St Suffix: Boulevard City/Township: Prescott State: AZ Zip Code: 86303 Subdivision: None County: Yavapai Tax Parcel: 103-20-600M

General Property Description

Lot Size: 1437480 Aprx Acres: 35.56 Buildings: 3 Total Liveable SqFt: 313132 Source of Measuremnt: County Assessor Stories: 1 Parking Spaces: 3000 Year Built: 2001 Management: Manager Vac Rate %: 30.9 Gross Vol/Yr $: 2131709.95 NOI $: 717852.85 Cap %: 4.8 Baths - Full: 104 GRM: 7 Traffic Count Per Day: 44000 Property Use: Investment Prop Construction Status: Existing Space Available: Yes Date Available: 2021-12-02 Total Bathrooms: 75 CC & R: Yes CC & R Type: Other - See Remarks CC & R Frequency: Monthly Volts: 480 Amps: 277

Tax Info

Taxes: 178349 Tax Year: 2019

Status Change Info

Under Contract Date: 2022-08-23 Sold Date: 2022-11-15 Sold Price: $12,200,000 Sold Price/SqFt: 39 Financing: Cash

Construction

# of Bays: 2 Bay Door Height: 12

Property Features

Bathrooms: ADA; Interior; Public; Separate M and W Building Type: 5+ Units; Retail - Shopping Center Business Location: Commercial Strip; Multiple Locations; Traffic Signal Commercial Amenities: Grade Level; Roll-Up Door(s); Ceiling Ht. Under 12; Ceiling Ht. 16+; Overhead Door(s); Truck/Loading Dock Construction: Block/Brick; Frame - Steel Cooling: Central Air; Heat Pump External Amenities: Drip System; Handicap Access; Landscaped; Paved Parking; Security Lights Flooring: Carpet; Concrete; Tile Heating: Electric; Natural Gas; Natural Gas; Zoned Internal Amenities: Bathroom; Ceiling Fan(s); Fire/Smoke Detector; Kitchen; Security/Alarm; Sprinklers Parking: On-Site; Storage; Trailer; Truck Possession: At Recordation Records Available: Alta Survey; Elect/HVAC Plan; Engr. Reports; Site Plan; Survey Road Responsibility: Paved; Private Maintained Road; State Roof: Metal; Welded Membrane Utilities Installed: 220; 3 Phase; Electricity; Fire Hydrant; Individual Meter; Master Meter; Natural Gas; Security System; Telephone; Underground; Water - City; WWT - City Sewer
Listing Office: Prescott Commercial Real Estate
Last Updated: November - 16 - 2022
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