$12,200,000
Prescott, AZ 86303
MLS# 1043833
Status: Closed
75 baths | 313132 sqft
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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
Details
Maps
Contract/Address/Legal
List Price/SqFt: 48
Neighborhood: N/A
Comm Type: Shopping Center
REO/Short Sale: Not Applicable
Zoning: BR
Business Name: Prescott Gateway Mall
Zoning Description: Business Regional
Business Type: Regional Mall
Assessor's Book #: 103
Assessor's Map #: 20
Assessor's Parcel #: 600
Assessor Parcel Ltr: M
Legal: Yavapai County Parcels: 103-20-600K, 103-20-600M, 103-20-599A, 103-20-598G, 103-20-570Y, 103-20-598H, 103-20-598F
General Property Description
Aprx Acres: 35.56
Lot Size: 1437480
Buildings: 3
Source of Measuremnt: County Assessor
Stories: 1
Parking Spaces: 3000
Management: Manager
Gross Vol/Yr $: 2131709.95
Vac Rate %: 30.9
CAM $: 0
GRM: 7
CC & R: Yes
CC & R Type: Other - See Remarks
Traffic Count Per Day: 44000
CC & R Frequency: Monthly
Property Use: Investment Prop
Construction Status: Existing
Space Available: Yes
Date Available: 2021-12-02
Amps: 277
Volts: 480
Total Liveable SqFt: 313132
Year Built: 2001
NOI $: 717852.85
Cap %: 4.8
Baths - Full: 104
Total Bathrooms: 75
Tax Info
Taxes: 178349
Tax Year: 2019
Remarks & Misc
Directions: Turn into the Mall Entrance at State Route 69 and Gateway Blvd.
Remarks: 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
Status Change Info
Sold Price/SqFt: 39
Financing: Cash
Under Contract Date: 2022-08-23
Sold Date: 2022-11-15
Sold Price: $12,200,000
Building Type
5+ Units: 1
Retail - Shopping Center: 1
Construction
# of Bays: 2
Bay Door Height: 12
Block/Brick: 1
Frame - Steel: 1
Cooling
Central Air: 1
Heat Pump: 1
External Amenities
Drip System: 1
Handicap Access: 1
Landscaped: 1
Paved Parking: 1
Security Lights: 1
Flooring
Carpet: 1
Concrete: 1
Tile: 1
Heating
Electric: 1
Natural Gas: 1
Zoned: 1
Possession
At Recordation: 1
Records Available
Alta Survey: 1
Elect/HVAC Plan: 1
Engr. Reports: 1
Site Plan: 1
Survey: 1
Road Responsibility
Paved: 1
Private Maintained Road: 1
State: 1
Roof
Metal: 1
Welded Membrane: 1
Bathrooms
ADA: 1
Interior: 1
Public: 1
Separate M and W: 1
Business Location
Commercial Strip: 1
Multiple Locations: 1
Traffic Signal: 1
Terms & Conditions
1031 Exchange: 1
Conventional: 1
Submit: 1
Commercial Amenities
Ceiling Ht. 16+: 1
Ceiling Ht. Under 12: 1
Grade Level: 1
Overhead Door(s): 1
Roll-Up Door(s): 1
Truck/Loading Dock: 1
Utilities Installed
220: 1
3 Phase: 1
Electricity: 1
Fire Hydrant: 1
Individual Meter: 1
Master Meter: 1
Natural Gas: 1
Security System: 1
Telephone: 1
Underground: 1
Water - City: 1
WWT - City Sewer: 1
Internal Amenities
Bathroom: 1
Ceiling Fan(s): 1
Fire/Smoke Detector: 1
Kitchen: 1
Security/Alarm: 1
Sprinklers: 1
Parking
On-Site: 1
Storage: 1
Trailer: 1
Truck: 1
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
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
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.
Listing Office: Prescott Commercial Real Estate
Last Updated: November - 16 - 2022
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