JRE Real Estate

Foodland Center has been a downtown Juneau shopping institution for more than 40 years. Over those 40 years it has certainly grown and changed, but nonetheless has remained the only shopping center in the core of Juneau. Conveniently situated in the Federal Building area and near the Douglas Bridge, it has been the grocery / deli / spirits / drugstore / and many other purpose one-stop-shopping center serving all of down town Juneau and Douglas Island. The nearest competitors (Wal-Mart and Fred Meyer’s) are six (6) miles north from downtown. Mendenhall Valley-based grocery stores and shopping centers are even further away (Nugget Mall, Mendenhall Mall, Safeway, Super Bear, etc.). The nearly 10,000 population of down town Juneau, Douglas, West Juneau and North Douglas are served exclusively by Foodland Center. And since the down town-based State and Federal government centers are the largest year-round employers, a significant percentage of Juneau residents from the Valley population areas work in the down town core and have access to Foodland while traveling to and from work.

The following information will give the interested reader a good overview of the real estate being offered and the tenant mix which is located there. For parties that are interested in detailed data on actual rental income and operating expense figures. Download the Confidentially Agreement ,print, sign and return the form via FAX or email. Make sure you provide us with a return email address for sending the information.

General market and demographic data on the Juneau and Southeast Alaska area is also available. Download the “JEDC Juneau Economic Indicators” to view the latest publication of the Juneau Economic Development Council setting forth a compilation of the latest data on population, industry, real estate, and related economic activity trends.

Finally, you can download a 91-page report provided by Alaska Escrow and Title setting forth scanned copies of important legal papers related to the Foodland Center, starting with the legal description of the property and continuing through easements and other matters of public record.

Alaska Escrow and Title
Report (PDF)

Please feel to contact us by phone or email. We will be pleased to provide any assistance we can to enhance your understanding of this one-of-a-kind real estate opportunity.

SUMMARY

Listed Price: $13,500,000
Lot Size: 238,137 SF
Parking Stalls: 340

Building Sizes:
• Main:
Gross: 95,101 SF
Net: 87,300 SF

• Annex:
Gross: 8,486 SF
Net: 8,330 SF

• Garage: 900 SF

Assessed Values:
Land: $7,626,100
Improvements: $7,685,100
Total: $15,311,200

Zoning: General Commercial

The information herein shall not be deemed a representation of the state of affairs of the property or constitute an indication that there has been no change in the business or affairs of the property since the date of preparation of this memorandum. This information was gathered from sources believed to be reliable, but cannot be guaranteed as to accuracy. It does not purport to be all inclusive or to contain all of the information which a prospective purchaser may desire. Neither Owner nor Juneau Real Estate, nor any of their officers, employees or agents make any representation or warranty, expressed or implied, as to the accuracy or completeness of the contents and no legal liability is assumed or to be implied with respect thereto.

OWNER AND Juneau Real Estate EXPRESSLY RESERVE THE RIGHT AT THEIR SOLE DISCRETION TO REJECT ANY OR ALL PROPOSALS OR EXPRESSION OF INTEREST IN THE PROPERTY AND TO TERMINATE DISCUSSIONS WITH ANY PARTY AT ANY TIME WITH OR WITHOUT NOTICE.

PROPERTY DESCRIPTION:

Foodland Shopping Center is constructed on 5.5 acres of commercially zoned property in downtown Juneau. There is no other site that approaches it in size in this market area, making Foodland Center a most unique property. It is adjacent to a portion of Juneau’s waterfront that is selected for expansion of the Juneau cruise ship and tourism industry, described in the Long Range Waterfront Plan.

The 5.5 acre site is developed with two major structures and according to City and Borough of Juneau (CBJ) property records the lot has 340 parking spaces. There is also a 900 Sq. Ft garage facility on the east property line.

The main building is comprised of 95,101 Sq.Ft on 3 stories. There are two elevators – one to the second floor for commercial use and a private elevator to the third floor for the residential penthouse. The main floor of the main building is 73,304.5 Sq.Ft. The second floor is 18,553.5 Sq. Ft, and the penthouse level is 3,243. A portion of the third floor is dedicated to mechanical use, primarily air handling equipment. The remainder of the 3rd floor is a residential dwelling looking down the Gastineau Channel which utilizes portions of the second floor roof as an exterior deck.

The Annex building along the northeasterly property line is 8,640 Sq.Ft. It is constructed and utilized much as a strip mall with the individual leaseholds accessed from a common frontage facing the main parking lot. The garage at the rear of the property is utilized by the owners for vehicle and supply storage.

The entire facility is grandfathered in to a dual-fuel rate structure with the local electric utility (AEL&P). As such, it enjoys the lowest electric rates available ($0.0687/KWH), but particular utilizations (heating) can also be interrupted if demand exceeds hydroelectric supply. The main building is heated by an electric boiler and two fuel oil boilers. The entire heating system was replaced in 1995 and reconstructed within a cinder-block addition to the east end. Two above-ground internal fuel tanks were installed with 3,000 and 2,000 gallon capacities. The electric boiler is rated with a 750 amp capacity. There are two Weil McLain oil-fired boilers that supplement the electric unit.

Foodland Center has enjoyed high occupancy rates for an extended period of time. It attracts both professional service and retail businesses because of its convenient location and high traffic volume. The anchor tenant is a grocery store. The original core of the main building was a grocery store. Five major additions to the original construction made room for a larger grocery store and related warehouse, a liquor store, flower outlet , and drug store. Additions in 1995 on to the south side made room for an athletic club, dental office and medical clinic.

The Annex building has performed essentially as a strip mall for its entire history. It’s location along the east side of the central parking area provides great visibility from Willoughby Ave and convenient parking for its customers.