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2/08/23
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Here’s news of an interesting retail redevelopment opportunity in Alaska, as Northway Mall, a former regional mall in Anchorage, has been put on the market. The property, now referred to as North Pointe, is located at 3101 Penland Pkwy and consists of a 354.4k sf building on a 30.12-acre site with 1,225 parking spaces.
The building includes 195.3k sf of big-box retail space, 148.8k sf of enclosed mall, and 10.3k sf of pad buildings. The site is available for full or partial redevelopment. Current zoning allows for a wide range of uses, including warehouse, manufacturing/distribution, self-storage, general retail, office, automotive lots, and hotel.
Situated off Glenn Hwy at Airport Heights Dr, the site’s ease of access and high visibility support industrial and retail uses. The property is adjacent to Anchorage’s largest industrial submarket and serves as a critical node in the supply chain to other Alaskan communities in the north. The property is also one mile from Joint Base Elmendorf–Richardson, home to 42,000 military and civilian personnel and their families.
Active leases include Planet Fitness occupying 18k sf on a long-term lease, Shockwave Trampoline occupying 25k sf on a short-term lease, and Xpress Lube occupying a small pad at the southeast corner of the property.
CBRE’s Dino Christophilis, Daniel Tibeau and Chris Burdett are marketing the property on behalf of the owner.
“While the highest and best use is undefined, the former mall is ideal for conversion or redevelopment to an alternative use,” said CBRE’s Christophilis. “To date, interested buyers have proposed complete redevelopment, re-leasing portions of the existing mall, and converting the existing mall to other uses, like self-storage or office. Few properties in Anchorage offer similar flexibility, size, and convenient exposure and access to Glenn Highway.”
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