5727 Baker Way NW
Gig Harbor, WA 98332

Marcus & Millichap has been retained to exclusively market for sale Canterwood Professional Plaza in Gig Harbor, Washington. Built in 2006, the 24,354 square foot office building plays host to a number of professional services tenants in an affluent neighborhood setting with convenient highway access. The property boasts strong historical occupancy from its current tenants and cash flows as a stable asset as-is. There are currently 3 vacant suites, providing a new owner the opportunity execute new leases and bolster cash flow. Canterwood Professional Plaza is conveniently located off Highway 16 in Gig Harbor, WA, which provides easy access to both Pierce and Kitsap Counties. The strong growth of the area will propel the success of the subject property as the cost of new office construction (approximately $250/sf) far exceeds the offered price for the subject ($194/sf). Furthermore, the affluent community of Gig Harbor has historically been reluctant to permit commercial development, thus supporting existing commercial real estate values. The city of Gig Harbor has been named one of the Smithsonian Magazines Top Five Small Towns for culture, heritage and charm. Its unique location, close to metropolitan centers, yet positioned on a quiet, beautiful and historic peninsula - provides visitors and residents with excellent sightseeing, history, culture, dining, shopping and more. Population and incomes have steadily increased over the past twenty years (up 14%) as new residents are drawn to Gig Harbors charm and high quality of life. Owing to its executive feel and convenient freeway access, Canterwood Professional Plaza attracts the type of tenant who provides strong and secure cash flow and its staggered leases provide for income stability.