Ashley Furniture, Sportsman's Warehouse & Crunch Fitness - 104,000 SF 3-TENANT NNN
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Ashley Furniture, Sportsman's Warehouse & Crunch Fitness
Harrison Medical Center
Flyer | 104,002 SF | 3-Tenant NNN | Silverdale, WA 104,000 SF 3-TENANT NNN
PUGET SOUND SEATTLE
HARRISON MEDICAL CENTER
AGA WAY Crestwood Apartments
NW WA
Medical Office
Crosspointe Apartments
Intel View Apartments
RIDGE
TOP B
LVD <
13,70
MICKEYBERRY RD < 12,117 CPD >
0 +/
Medical Office
- CPD
>
Medical Office
iii
EXECUTIVE SUMMARY
Arroyo & Company is pleased to present the opportunity to purchase a rare three-tenant
net lease investment located in Silverdale, WA. Ashley Furniture, Sportsman’s Warehouse and
Crunch Fitness are all national credit tenants as well as industry standouts in their respective
trades.
PROPERTY HIGHLIGHTS
• Ashley Furniture is the largest furniture manufacturer in the world with
1,000 locations throughout the U.S., Canada, Japan, Mexico, Central America,
Asia and Saudi Arabia.
SILVERDALE • This Ashley Furniture is operated by the largest franchisee in the country
S E AT T L E with 94 store locations.
• Ashley Furniture is the number one furniture seller in the world.
• Sportsman's Warehouse is a publicly traded company traded on Nasdaq under the
ticker SPWH.
• Crunch is the fastest growing full sized fitness center in the country.
• Adjacent to the new 9-story Harrison Medical Center.
• Well-positioned within a regional power center next to Costco, Lowe’s, PetSmart,
Best Buy, Trader Joe’s and Bed Bath & Beyond.
• Silverdale boasts the largest regional shopping destination outside of the
Seattle/ Tacoma metropolitan areas.
TA C O M A • Washington is an investor friendly state with no state income tax.
• There is no available retail space above 20,000 SF in Silverdale
TRADE AREA PROFILE - 2019
RADIUS 1 MILE 5 MILE 10 MILE
POPULATION 6,212 80,448 212,704
AVERAGE HOUSEHOLD INCOME $71,058 $83,255 $85,868
1
EXECUTIVE SUMMARY
ASHLEY FURNITURE
Silverdale offers visitors the largest shopping venue in Washington, other than
EXPENSES RESPONSIBILITY REIMBURSED
Seattle and Tacoma. The medley of big name brands and small town businesses Roof & Structure Landlord Yes
provide consumers with a convenient and centralized destination for all their Fire Sprinkler Landlord Yes
shopping needs. Ashley Furniture, Sportsman’s Warehouse and Crunch Fitness are Taxes Landlord Yes
Parking Lot Landlord Yes
just a few of the national retail standouts that make Silverdale the preferred shopping
Building Insurance Landlord Yes
destination for all of Kitsap County and the three surrounding counties. Adjacent CAM Liability Insurance Landlord Yes
retailers such as Costco, Lowe’s, PetSmart, Best Buy, Trader Joe's, Bed Bath & Beyond, Admin Fee Landlord Yes
and the neighboring Kitsap and Trails at Silverdale Malls lure thousands of shoppers Management Fee Landlord Yes
into Silverdale every day. General Liability Insurance Tenant -
HVAC & Windows Tenant -
PROPERTY SUMMARY SPORTSMAN'S WAREHOUSE
EXPENSES RESPONSIBILITY REIMBURSED
Address 9577 Ridgetop Blvd NW
Silverdale, WA, 98383 Roof & Structure Landlord Yes
Fire Sprinkler Landlord Yes
County Kitsap Taxes Landlord Yes
162501-4-131-2002 and 2003 Parking Lot Landlord Yes
Parcel Number
Building Insurance Landlord Yes
Year Built/Renovated 1992/2003-2004 CAM Liability Insurance Landlord Yes
Admin Fee Landlord Yes
Gross Leasable Area 104,002 SF
Management Fee Landlord Yes
Land Area 9.14 acres General Liability Insurance Tenant -
HVAC & Windows Tenant -
Total Parking 385
Parking Ratio 2.5:1,000 CRUNCH FITNESS
EXPENSES RESPONSIBILITY REIMBURSED
Roof & Structure Landlord Yes
OFFERING SUMMARY
Fire Sprinkler Landlord Yes
Price $17,900,000 Taxes Landlord Yes
Parking Lot Landlord Yes
Price Per SF $172 Building Insurance Landlord Yes
Net Operating Income $1,336,766 CAM Liability Insurance Landlord Yes
Admin Fee Landlord Yes
Capitalization Rate 7.5% Management Fee Landlord Yes
Current Occupancy 100% General Liability Insurance Tenant -
HVAC & Windows Tenant -
2
LOCATION OVERVIEW
Silverdale is the retail hub
for a population of 213,704
people in a 10-mile radius
SILVERDALE
SEATTLE
SEATAC
INTERNATIONAL
AIRPORT
TACOM A
N
60 Miles from SeaTac International Airport
26 Miles from Seattle by Ferry
4
ASHLEY FURNITURE,
LOCATION OVERVIEW SPORTSMAN'S
- NEARBY MAJOR
WAREHOUSE
RETAIL & CRUNCH FITNESS
Subject Property
Under
Construction
0 >>
29,00
D
CP
5
PARCEL MAP & SITE PLAN
PAD SITE PLAN
The current owner subdivided a section of the property for a new pad
development. The zoning ordinance allows for a wide variety of uses, including
fast food and medical office. The second parcel is included in the sale price.
TRUCK
BAY
PARCEL MAP
NW Myhre Road
131
130
N
PAD
TENANT OVERVIEW
HARRISON MEDICAL CENTER
PAD
9
TENANT OVERVIEW - ACTUAL LOCATION PHOTO
ASHLEY FURNITURE PROFILE TENANT HIGHLIGHTS
Ashley Furniture is the largest furniture manufacturer in the world with 1,000 • 1,000 stores in the U.S., Canada, Mexico, Japan,
stores in the U.S., Canada, Mexico, Japan, Central America, Asia, and Saudi
Central America, Asia, and Saudi Arabia
Arabia, as well as retail partnerships in 123 different countries. Dating back
to 1945, Ashley Furniture is an American brand that has grown to become the • No. 1 selling furniture store brand in the world
industry leader in the design and manufacturing of furniture products. Ashley • Established in 1945
Furniture’s first manufacturing plant opened in 1970 in Arcadia, Wisconsin, and • Retail partners in 123 countries
has since expanded to create more than 23,000 American jobs and support
• This location is operated by the largest
more than 9,000 vendors throughout the United States.
franchisee in the country, with 94 stores
www.ashleyfurniture.com
ASHLEY FURNITURE,
TENANT OVERVIEW - ACTUAL
SPORTSMAN'S
LOCATION
WAREHOUSE
PHOTO & CRUNCH FITNESS
SPORTSMAN'S WAREHOUSE PROFILE TENANT HIGHLIGHTS
Sportsman’s Warehouse is one of the nation’s largest outdoor sporting • Grew from 47 stores in 2014 to 104 stores in 2019,
goods retailers, having grown from 47 stores in 2014 to 123 stores in 2019.
with 3 more already announced for 2020 and more
Sportsman’s Warehouse’s trademark is “America’s Premier Outfitter,” and
its merchandise caters to the outdoor enthusiast with interests in hunting, announcements expected.
shooting, camping, fishing, and a variety of other outdoor activities. • Established in 1986
www.sportsmanswarehouse.com • Largest outdoor specialty store based in the Western
United States (27 states)
• Traded on NASDAQ (SPWH)
12TENANT OVERVIEW - ACTUAL LOCATION PHOTO
CRUNCH FITNESS PROFILE TENANT HIGHLIGHTS
Founded in 1989, Crunch Fitness has grown from 20 gyms in 2001 to over 200 • Entrepreneur 500 Franchise® member
in 2019, with locations in the U.S., Canada, Australia, and Spain. Crunch passed
• 2-year recipient of the Franchise Business Review's
the 1,000,000 – member mark in 2017, a year in which its member base grew
by 42 percent, and is now looking to expand into the rest of Europe, Africa, 50 Franchisee Satisfaction Award
Asia, Central America, South America, the Philippines, and the Middle East. In • Fastest growing full-size gym franchise in the country
July of 2019, it was announced that TPG Growth, a global alternative asset firm • This Crunch operated by a franchisee with 6 locations
with $14 billion of assets under management, would be acquiring Crunch. TPG
Growth is backed by TPG, a firm with $108 billion of assets under management.
Crunch is known for its “No Judgments” philosophy and unique classes. Yoga,
Zumba, HydroMassage beds, and tanning services are also offered.
www.crunch.com
14HARRISON MEDICAL CENTER
• $500 million state-of-the-art medical facility
• 500,000 square foot hospital expansion
• 336 beds
• Approximately 4,500 jobs
16ASHLEY FURNITURE, SPORTSMAN'S WAREHOUSE & CRUNCH FITNESS
SILVERDALE AREA OVERVIEW
Silverdale is in a central location on Kitsap Peninsula, making it the dominant commerce and regional hub for Kitsap County’s 270,000 people, drawing customers from Port Orchard,
Bremerton, and Poulsbo, as well as the surrounding counties of Pierce, Mason, and Jefferson. Silverdale is directly west of Seattle, across Puget Sound, and is centrally located between two
of the busiest ferry routes in the state. Kitsap Mall, less than one-half mile west of the property, is the seventh largest shopping center in the state with 848,000 leasable square feet.
The Silverdale Costco, immediately adjacent to Silverdale Shopping Center, does $74 million in annual sales volume, while the Lowe’s, also immediately adjacent, does $49 million. The
Lowe’s sales figures are particularly impressive because they are the same as what Lowe’s stores get in the San Francisco Bay Area, and the nearest other Lowe’s to the one in Silverdale is
just five miles away in Bremerton. Additionally, Washington is one of just nine states in the U.S. that has no state income tax.
Naval Base Kitsap (NBK) employs over 36,000 personnel and is less than two miles northwest of the property. NBK was created in 2004 through the merger of Naval Station Bremerton and
Naval Submarine Base Bangor. NBK is the third-largest Naval base in the United States. It has one of the Navy’s four nuclear shipyards, one of its two strategic nuclear weapons facilities,
its largest fuel depot, and the only dry dock on the west coast capable of handling a Nimitz-class aircraft carrier. NBK is also the only Naval base to host all three classes of nuclear-powered
submarines.
The Silverdale area is experiencing continued growth. Harrison Medical Center, right across the street from Silverdale Shopping Center, will be increasing by 500,000 square feet in 2020,
adding 262 hospital beds, with another expansion scheduled for 2023 adding an additional 74 beds. In addition to the 3,000 people Harrison Medical Center already employs, the expansion
will bring more than 1,300 new jobs to Silverdale. This is a nine-story, $500 million project that will replace the current hospital in Bremerton. Less than one mile from Silverdale Shopping
Center, Fieldstone Senior Living Community is scheduled to open next year with 127 single-family units and a 52-unit memory care center. The Silverdale VA Clinic, which will serve an
estimated 37,000 veterans who live in the area, is expected to open before the end of the year. It is just one-third of a mile away from Silverdale Shopping Center.
22KITSAP COUNTY OVERVIEW
Kitsap ranks #1 with best purchasing power in Washington
KITSAP QUICK FACTS
Located in Central Puget Sound, Kitsap County offers all the benefits of the Seattle/ Tacoma Market
Population in the Civilian Labor Force
without the gridlock and high prices. Kitsap ranks high in essential economic development indicators:
educational attainment and skilled workforce; development of intellectual property; per capita economic 121,692
Unemployment Rate
output; and median household incomes. Our businesses thrive and prosper in a highly competitve
market place. Key industries: maritime, defense, advanced manufacturing, healthcare, tourism and 4.4%
technology. 2016 Population
• Densest concentration of engineering talent in the Seattle region
264,059
Median Age
• 3,400+ industrial zoned acres with airport
• Multi-mode access to markets 39.9
• Low cost of living/ high quality of life
Median Home Value
2016 Top Employers $330,000
Median Household Income
Defense Personnel Primary Employers Public Employers
15,200 Active Duty Harrison Medical Center Naval Base Kitsap
$70,300
Average Rent
17,600 Civilians Port Madison Enterprises Washinton State
$1,231
1,000 Reserves Martha & Mary Central Kitsap School District
The Doctors Clinic Olympic College
SAFE Boats International South Kitsap School DIstrict KITSAP DEFENSE ECONOMY
Jobs Supported by Defense Contracts
Top Defense Contractors TOP DEFENSE INDUSTRIES 5,400
• Skookum • SAFE Boats International
Defense Contractors - Subs & Primes
• EHW Constructors • Raytheon $250M 500
• Lockheed Martin • Triton Marine Construction Manufacturing
Annual Economic Impact in
• Huntington Ingalls AMSEC • Wiedermann Consulting Kitsap County
• General Dynamics • VET Industrial $150M $6.1 Billion
Engineering & Technical Services
(NASSCO & ElectricalBoat)
$100M
Residential & Commercial Companies
Source: Kitsap Economic Development Alliance
23KITSAP COUNTY OVERVIEW
Because Kitsap County is located on a peninsula, many of the national retailers in Silverdale have a captive audience.
The distances between the property’s three tenants and their nearest other stores are as follows:
Ashley Home Store, Tacoma, 40 miles away (owned by the same franchisee).
Sportsman’s Warehouse, Federal Way, 51 miles away.
Crunch Fitness, Lakewood, 43 miles away (owned by same franchisee).
There are only two vacant big box spaces of 20,000+ SF currently available in the Bremerton-Silverdale MSA (267,000 people)
PAD
24PEDRO ARROYO ISAAC SHIKUMA CHRISTINA CLIFF
Chief Executive Officer Vice President Senior Associate
415.273.2190 415.273.2127 415.273.2174
parroyo@a-c.com ishikuma@a-c.com ccliff@a-c.com
Lic. 00669070 Lic. 01314894 Lic. 00852965
EMILIO LUENA
Senior Analyst
415.323.0526
eluena@a-c.com
1111 Broadway, 3rd Floor | Oakland, CA 94607
T:(415) 445-7800 | F:(415) 302-2388
Lic. 01886047
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