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 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.
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|3/1/2022 10:23:00 AM||New Value: $15,000,000|