$12,200,000
$15,000,000
18.7%For more information regarding the value of a property, please contact us for a free consultation.
163,097 SqFt
SOLD DATE : 11/15/2022
Key Details
Sold Price $12,200,000
Property Type Commercial
Sub Type Commercial
Listing Status Sold
Purchase Type For Sale
Square Footage 163,097 sqft
Price per Sqft $74
Subdivision Commercial Only
MLS Listing ID 529097
Sold Date 11/15/22
Originating Board Sedona Verde Valley Association of REALTORS®
Year Built 2001
Annual Tax Amount $83,360
Lot Size 21.610 Acres
Acres 21.61
Property 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 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.
Location
State AZ
County Yavapai
Community Commercial Only
Direction Turn into the Mall Entrance at State Route 69 and Gateway Blvd.
Interior
Interior Features Security, Ceiling Fan(s)
Heating Forced Air, Electric, Gas Pack
Cooling Central Air
Exterior
Garage 20+ Cars
Parking Type 20+ Cars
Others
Tax ID 10320600m
Security Features Fire Sprinklers
Acceptable Financing 1031 Exchange, Cash
Listing Terms 1031 Exchange, Cash
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