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Prime Downtown Corner
3.4 Acres Business Zoned
One Acre One-Level Building

740 Gambell Street
Anchorage, AK
$1,900,000

(In escrow 8/6/98, subject to 60-day due diligence;
back up offers will be considered during this time)

General: Variously known as the "Safeway and Payless Site," or "LoMark Furniture", this one-level stand-alone retail center has been an Anchorage magnet since the 1960's. The parcels and their improvements occupy the entire corner at 9th and Gambell Streets.

General: Variously known as the "Safeway and Payless Site," or "LoMark Furniture", this one-level stand-alone retail center has been an Anchorage magnet since the 1960’s. The parcels and their improvements occupy the entire corner at 9^th and Gambell Streets.

Land Description: East Addition Block 5D Lot 1A, 740 Gambell St. (TPN 002-122-08) and East Addition Block 5D Lot 7A, 601 E 9^th Ave. (TPN 002-122-09). 740 Gambell is 120,000 square feet. 601 E 9^th is an additional 30,000 square foot included parcel occupying the southwest corner of the total parcel. The pair of parcels is the southern three-quarters of the area bounded by 9^th Ave. on the south, Gambell St. on the east, Fairbanks St. to the west, and running north toward 7^th Ave. 8^th Ave. does not run through this parcel.

Improvements: The retail center is concrete block construction from grade to the roof trusses and consists of 43,221 square feet, according to Municipal tax records. Most of it is a street level, with a portion of one part of the building consisting of an upper-level mezzanine. (Measurements have not been independently taken by the owners or broker; the buyer is urged to verify.) An ALTA as-built survey dated 11/13/97 by DOWL Engineers, Anchorage, is available upon request. Original construction drawings of the store as built for Safeway, and various inspection reports from the construction phase are also available for inspection.

Zoning: B3, General Business District.

Occupancy: The building is currently vacant; the lease with LoMark has been terminated by the owners.

Environmental: Alcan Environmental May 2, 1996, see letter in on-line listing package, conducted asbestos abatement. The firm also inspected for underground storage tank(s) and failed to find any. The former gas station at the northwest corner of 9th and Gambell is a recognized pollution source that polluted ground water under a portion of the subject parcel. Chevron conducted a risk assessment of this parcel and found no risk to human activity. Chevron and the owners have nearly completed a letter of indemnification giving Chevron access to the site for further remediation and promising to the current and future owners to defend and hold them harmless from any adverse environmental actions. It is the policy of State DEC not to hold owners responsible for the cleanup of ground water pollution caused by off-site sources. See letters attached. The risk assessment is available on request.

Price: $1,900,000. (Based on $6.30 per ft for B-3 land, building works out to $22.10 per ft.)

Broker: Fortune Properties, Inc. is the exclusive marketing representative for the property. Please contact Niel Thomas, CCIM, CRS at the above address for any additional information, copies of documents, and any desired inspections.