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11621 97th Lane NEKirkland, WA 98034P | (425) 822-5522WEB | www.fwp-inc.com

700 S 3RD STREET, RENTON, WA 98055

FOR SALEFOR SALEFOR SALE700 S 3RD STREET, RENTON, WA 98055

Property {Name}: Former JC Penny

Opportunity Type: Mixed -Use Development or Single Tenant Investment

Asking Price: $2,600,000.00

Jurisdiction: City of Renton, Washington

Address: 700 3rd Street, Renton , WA 98055

Total Building Area: 34,500 SF (3 Floors)

Year Built: 1955

Total Land Area: 11,500 SF (0.26 acres)

Zoning: CD

Other: Sprinklered, Loading Dock & Freight Elevators

Parcel Number: 723150-2185

Traffic Counts: 15,000 ADT

First Western Properties, Inc is pleased to present the Amer-ican Floors & Blinds Building (Former JC Penny) in Renton, Washington. This investment opportunity is in a highly visible prime corner location at the busy intersection of 3rd Street and Burnett Avenue and features average daily traffic counts in excess of 15,000. Located in the Heart of Downtown Renton, this Offering benefits from exposure to the adjacent Piazza Park, Renton Event Center, and Metro/Sound Transit Cen-ter. Near major business hubs including Boeing Company, Renton Airport, Renton Landing, PACCAR, Inc., IKEA, Seattle Seahawks, Topics Entertainment, Federal Reserve Bank of San Francisco, Renton Technical College, Westfield Southcen-

American Floors & Blinds Building, Renton

EXECUTIVE SUMMARY

FIRST WESTERN PROPERTIES, INC.

ExcellentInvestment

Property

Approved forMixed-Use

Development

Property Introductionster, Providence Health, Graybar along with national retailers surrounding the site. Parking is available on the street along with multiple city parking options nearby. This opportunity is perfect for either the investor seeking to develop a new mixed-use development up to 95’ in height or the passive investor looking for excellent returns from a proven location. The location is the key cor-ner-piece to the City’s overall Re-Development which includes: City Development Program, Street Pattern Enhancement, and Increased Parking. Many new residential projects surround the site along with Renton High School. The Site has great traf-fic flow to the major arterials.

Price Reduced ~ $2,250,000

AERIAL VIEW

PROPOSED RENDERING

PARCEL MAP

Parcel Number723150-2185

Location & Demographics

LOCAL AREA INFORMATION


Renton is the center of opportunity in the Puget Sound region where businesses and families thrive. On the south shore of Lake Washington, Renton’s central location is at the heart of the vibrant Puget Sound region. Served by Interstate 405 and four state high-ways, access to Renton from other Greater Seattle communities is quick and easy.

Affordable land costs and lease rates, as well as large blocks of developable property, all provide Renton with opportunities unseen throughout the rest of the Puget Sound re-gion. With no local business and occupation (B&O) tax for businesses with annual gross receipts of less than $1.5 million, most busi-nesses keep more earnings. Renton draws an exceptionally talented and extremely well-educated workforce from the region that is filled with world leaders in the high-tech, manufacturing, medical, biotech, and service industries.

With nationally recognized public schools, an excellent technical college and nearby higher learning institutions, Renton offers a learn-ing environment that benefits employees and their children.

~ City of Renton

LOCATION HIGHLIGHTS:

“Last year, we had well over $2 billion invested in our community and there are a number of exciting projects yet to be announced.” ~ SOC 3/30/17




RENTON BY THE NUMBERS

4th Largest City in King County

7th Largest City in Washington

85% Population Growth Since 2000

4th King County Taxable Retail Sales

9% Job Growth 2010-2011

4th Assessed Value, Real Property




Economic development is the key to prosper-ity. Renton understands the importance of a growing business community when it comes to sustaining a healthy community. That’s why supporting business and encouraging new development is the number one goal of the Mayor and City Council.

Renton’s businesses are involved in the commu-nity and they are included in policy decisions at City Hall. In Renton, the door to the Mayor’s of-fice is always open to a business person with a concern. This focus on economic development has resulted in great successes for Renton and it has allowed the City to maintain lower tax and fee rates than many neighboring communities.

~ City of Renton

ECONOMIC DEVELOPMENT Key Employers» The Boeing Company» PACCAR, Inc. / Kenworth» IKEA» Seattle Seahawks» Providence Health and Services» Topics Entertainment» Wizards of the Coast» Federal Reserve Bank of San Francisco» Valley Medical Center» Federal Aviation Administration» Renton Technical College

“No other city in the region could com-pete with renton in speed of issuing permits and responding to our problems. We chose to locate in Renton because of the outstanding cooperation of City officials.”~Bjorn BayleyCo-founder of IKEA in Renton



“We’re home to the Seattle Seahawks and the top jet airplane maker in the world. And we’re home to the northwest branch of the Federal Reserve Bank, which holds more oney than any other bank in this corner of the country.~SOC 3/31/17

New

Major Employer

Group Health ~

29 Acre Campus

Near Federal

Reserve




The City of Renton knows that timing and predictability are key ingredi- ents for business success. Renton has established a reputation in the re-gion as a jurisdiction that is responsive in processing building permits and land use applications in a fast and efficient manner. In fact, the Governor’s Competitiveness Council profiled Renton as the state model for regula-tory reform.

The City offers free preliminary project review upon written request. Ap-plications are routed to key departments for comments and a meeting is set-up with the applicant to discuss the project as proposed and review specific requirements, needs, or constraints associated with the site. This review allows the applicant to receive vital information prior to formal site plan submittal.

~ City of Renton

LAND USE & DEVELOPMENT:

“ I believe our vision of creating a pedestrian-friendly downtown community, with lots of activities, restaurants and shops, is now within reach. Millions of dollars are already committed to redevelopment and new construction, and other exciting plans are in the works.

• The transit center will be moved by the end of the year. And plans con-tinue on converting a number of the downtown streets to two-way traffic to reduce commuter traffic.

• Conversion of S Main Street is already underway and it includes a plaza-like entrance to one of the major gateways to the downtown. This will be very impressive when completed.

• Old city Hall property is under option for redevelopment that may include a public plaza along the river, along with senior housing, international school, retail and restaurant space.”

SOC 3/30/17

6 WeekPermit Review Times

StreamlinedPermitting

Puget Sound

REGIONAL AREA INFORMATION


The Northwest region is built on the strength of industriescompeting in the knowledge-and international-based econ-omy. In fact, foreign investment accounts for 3.7% of the state’s private industry employment with foreign-controlled businesses employing over 91,000 Washington workers. Com-bine that with the superb quality of life in the Pacific North-west, a world-class arts scene, professional sports teams, and culinary delights from some of the country’s top chefs, and you’ve got a great place to do business where your employees will be happy to call “home.”

Our Region’s Strengths Include» Strategic location with regard to the Pacific Rim» Nonstop international flights» Deep-water ports» Reliable transportation connection to the rest of the U.S.» Well-educated population» Strong business climate» Vibrant international communities» Vast experience in international trade

Washington State, By the Numbers

REGIONAL AREA INFORMATION


11.4% of Washington State jobs tied to the tech economy, the highest concentration in the US

#1 Washington state’s ranking on the TechNet state Broad-band Index, due primarily to the strong orientation of our economy to information and communication technology and the number of companies focused on app development

#4 Seattle’s rank as a global startup hub, beating out New York City and Boston, due to the number of startups created, the talent pool, and infrastructure

#3 Washington State’s rank in the latest “State New Economy Index” published by the Information Technology and Innova-tion Foundation, based on our economy’s reliance on innova-tion

JOHNNY HUYNH Broker

425.250.3284 [email protected]

WEBwww.fwp-inc.com

ADDRESS11621 97th Lane NEKirkland, WA 98034

Office (425) 822-5522Fax (425) 822-7440

RYAN CORNISH Broker

425.250.3285 [email protected]

for sale - commercialmls.com · renton airport, renton landing, paccar, inc., ... providence...

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