Air Conditioning: Central Air

Domestic Water: Public Water

Heat: Gas

Lot Size: 1+ - 5.0 Acres

Roof: Built-Up

Sewage System: Connected

Siding: Brick

Sq Ft Source: Blue Print

Zoning: CBD - Cent Bus Dist

at a time when its then owner successfully lured three large WA State agencies to the project as long term tenants who in turn have since occupied approximately 85% of the improvements, those being the Dep of Ecology, Dep of Agriculture and L&I. Foreclosed on by Umpqua Bank in 2012 after a challenging 2.5-yr bankruptcy, the property has been carefully repurposed, simplified and improved in anticipation of sale that carefully considers and mitigates for the failed attempt to extend the lease of 44,608SF to Ecology (who's vacating in 8/15), and this offering separates the most saleable asset (the Dep of Ag lease of 52,040SF and its fresh 10-yr term, which is excluded from this offering) from the value-add components of the center. As such, this portion of the offering represents the potential for a well-capitalized investor to acquire a pair of freestanding improvements totaling 86,853 rentable SF (plus 18,212SF of unfinished 2nd & 3rd floor storage areas plus a full unfinished basement) by a combination of Bldg 1, a 3-story office bldg and Bldg 3, a 3-story retail/warehouse structure, plus the entirety of the easterly parking areas totaling approximately 3.9 acres. Excluded from this offering is the freestanding 52,040SF improvement and associated dedicated parking areas leased to the Dep of Ag, which is being marketed separately at a price of $7.5M. While 44,608SF occupied by Ecology will soon be vacant, the stabilized gross annual income currently flowing from the 36,164SF of leased areas (about 42% of the improved rentable areas) is $379,600, meaning enough income is in place to nearly cover the typically anticipated levels of debt service that might be appropriate in leveraging the purchase. At a conservative estimate of projected rental rates to be captured from the vacancies, the upside is both considerable and clear, and a potential NOI at stabilization should project as being well in excess of 20%.