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251 Marysville Mall
Marysville, WA 98270
Marysville Town Center · Retail Property For Sale
Investment Highlights
- Grocery-Anchored, Seattle MSA: 239K SF center in fast-growing Marysville (+20% pop since 2010; incomes +17% by 2028).
- Vacancies Resolved: Rite Aid ? Fitness Compound; Big Lots ? Urban Air (both 10-year deals).
- Mark-to-Market: Multiple tenants well below market (e.g., Safeway, Burlington, JC Penney, Staples).
- Safeway Secured: Ground lease at $3.16/SF (below market) through 2037; rebranded in 2024.
- BECU Pad: 4,000 SF BTS at $50/SF NNN, 10-year term.
- Outparcel Upside: Prior pad sales; additional monetization ahead.
Executive Summary
Northmarq is pleased to present the exclusive opportunity to acquire Marysville Town Center, a 239,989 SF grocery-anchored shopping center located directly off Interstate 5
in Marysville, Washington, one of the fastest-growing cities in Snohomish County and the second-largest city in the county by population. The center is 99% occupied and anchored by Safeway, operating under a ground lease at $3.16/SF, well below market rate, with a lease running through April 2037. The location was converted from an Albertsons to a Safeway banner given its standing as a top 5 performing Albertsons store.
Two former junior boxes, previously occupied by Rite Aid and Big Lots, have been replaced with long-term NNN leases with The Fitness Compound and Urban Air, leading to a strong WALT of 10.7 Years. A new build to suit BECU pad is permitting a 10-year NNN lease in place at $50.00/SF. These newly executed leases establish junior box market rents in the ~$15/SF range, with several existing tenants paying well below that benchmark.
in Marysville, Washington, one of the fastest-growing cities in Snohomish County and the second-largest city in the county by population. The center is 99% occupied and anchored by Safeway, operating under a ground lease at $3.16/SF, well below market rate, with a lease running through April 2037. The location was converted from an Albertsons to a Safeway banner given its standing as a top 5 performing Albertsons store.
Two former junior boxes, previously occupied by Rite Aid and Big Lots, have been replaced with long-term NNN leases with The Fitness Compound and Urban Air, leading to a strong WALT of 10.7 Years. A new build to suit BECU pad is permitting a 10-year NNN lease in place at $50.00/SF. These newly executed leases establish junior box market rents in the ~$15/SF range, with several existing tenants paying well below that benchmark.
Property Facts
Sale Type
Investment
Property Type
Retail
Building Size
172,298 SF
Building Class
B
Year Built/Renovated
1988/1996
NOI
$3,785,531 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Loading Docks
2 Exterior
Building FAR
0.26
Lot Size
15.41 AC
Zoning
DC - Downtown Commercial
Parking
901 Spaces (3.75 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Pylon Sign
- Signage
Property Taxes
| Parcel Numbers | Improvements Assessment | $18,678,071 CAD | |
| Land Assessment | $12,230,517 CAD | Total Assessment | $30,908,588 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$12,230,517 CAD
Improvements Assessment
$18,678,071 CAD
Total Assessment
$30,908,588 CAD
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