Willow Park – Juneau Job Center

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The Juneau Job Center, also known as Willow Park, is for sale at a great price.  This facility is fully-leased to the State of Alaska and throws off lucrative and steady cash flows.  Additional revenue is realized from the coffee stand and food cart operations.

A brand new 10-year lease with the State and an assumable loan at a low interest rate make this an attractive investment.  Now for the details:

The Building:  Willow Park is a 54,500 SF lot at 10002 Glacier Highway, developed with a 3-story office building, plus penthouse.  The improvement is a gross 19,634 square foot building with net rentable area of 15,260 square feet.  There are 2 elevators.  There are 4 sets of men’s and women’s restrooms,  1 set per floor in the common areas, plus a staff-only set on the second floor.  There is also a full bathroom in the penthouse, which is unoccupied.

Parking:  There are 56 parking spaces.

The Tenants:  There is a single tenant, the State of Alaska, within the building. On August 1, 2017 a new 10-year firm-term lease was begun which will expire July 31, 2027.   In the parking lot there are two ground leases, one a food cart and the second a coffee stand.

The Financing:  We are completing a refinancing with 20-year terms:  90% AIDEA and 10% Northrim Bank.  The 90% AIDEA funding is fixed at 3.95% for the 20-year term.  The 10% Northrim funding is a 15-year term and variable interest rate.  Total debt is $1,500,000.  The debt cover ratio is 1.95.  The debt is fully assumable.

The Price:   $2,100,000 per the 2017 appraisal.

 

*A full cash flow model of the building with historical costs and new lease rental rates is available with a signed non-disclosure agreement

 

Recent History of Building Improvements:

2007: Decommissioned buried fuel tank and replaced with above ground tank

2008: Installed membrane Roof

2008: All windows Replaced in conjunction with a building envelope examination, new floor finishes, paint, etc.

2009: Rebuilt the Mechanical Room with new Weill Mclain Boilers and Taco Circ Pumps

2009: Connected to CBJ sewer system, abandoned on-site treatment plant

2012:  Building Automation installed

2016:  Elevator motor and pump replaced

2016:  Marmoleum installed in two of the three kitchen areas

2017-18:  ADA improvements will be ongoing in 2017 and early 2018

Disclosure:  The owner of this property is a licensed real estate broker in Alaska.

Price:$2,100,000
Address:10002 Glacier Hwy.
City:Junaeau
State:Alaska
Zip:99801
MLS:
Year Built:1983
Floors:3
Square Feet:16,934
Lot Square Feet:54,513
Bathrooms:4 sets
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Willow Park - Juneau Job Center

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