The 124,435 SF At Home/24 Hour Fitness building near South Hill Mall in Puyallup sold recently to AVG Partners, a California general partnership. Newmark Knight Frank’s Executive Managing Directors Paul and Billy Sleeth and Investment Associate Patrick Allen represented Seller, NLA Puyallup LLC, in the $20,000,000 sale which closed on December 31st, 2019.
Located in one of the most dominant retail trade areas in the Seattle-Tacoma corridor, the building is surrounded by some of the strongest national credit tenants in the industry; Walmart Supercenter, The Home Depot, T.J. Maxx, Ross Dress for Less, Lowe’s, Hobby Lobby, PetSmart, and more. Also being advantageously positioned directly across from South Hill Mall creates extensive consumer draw and crossover for the asset.
“At Home and 24 Hour Fitness have made significant capital investments into the project essentially redeveloping the entire building,” Billy Sleeth, Executive Managing Director for NKF noted. “With both tenants committed to the location long-term, this asset is a secure investment for the new owners.”
There are currently over 1,000 existing apartment units within the immediate trade area, and over 62,000 households within a 5-mile radius, with an additional 7,000 more expected by 2023. This rapid growth in residential development will make for an expanding customer base for these destination-oriented businesses.
About Newmark Knight Frank: Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.sleethretail.com.
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