$15,000,000
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
Original List Price: 15000000
Listing Date: 2021-12-02
Status: Closed
Listing Price: 15000000
List Price/SqFt: 48
Street #: 3250
Street Name: Gateway
St Suffix: Boulevard
City/Township: Prescott
State: AZ
Zip Code: 86303
Subdivision: None
Neighborhood: N/A
County: Yavapai
Comm Type: Shopping Center
Zoning: BR
Zoning Description: Business Regional
Business Type: Regional Mall
Business Name: Prescott Gateway Mall
Tax Parcel: 103-20-600M
Assessor's Book #: 103
Assessor's Map #: 20
Assessor's Parcel #: 600
Assessor Parcel Ltr: M
REO/Short Sale: Not Applicable
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
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
Remarks & Misc
Directions: Turn into the Mall Entrance at State Route 69 and Gateway Blvd.
Office/Member Info
Compensation: 1.5
Compensation Type: %
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
Terms & Conditions: 1031 Exchange; Conventional; Submit
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
The listing broker’s offer of compensation is the dollar amount or percentage of sale price the listing broker offers to pay a broker who (a) participates in the multiple listing service where the listing broker filed the listing and (b) procures the buyer for a successful transaction.
The data relating to real estate for sale on this site comes from the Broker Reciprocity/IDX of Prescott Area Association of REALTORS. Information provided is thought to be reliable but is not guaranteed to be accurate. IDX information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.Real estate listings held by brokerage firms other than the website owner, are indicated by detailed information about them such as the name of the listing firms. Copyright© 2020 Prescott Area Association of REALTORS. All rights reserved.