INVESTMENT HIGHLIGHTS
Stabilized, 100% occupied retail center with diverse tenant mix
The Property is 100% occupied by a mix of food and service based tenants including H&R Block, I PHO, Yes Nails & Wax, Top Quality Cleaners, and Center for Independence.
AAA HIGH-TRAFFIC, HARD CORNER LOCATION (43,300+ VPD)
The Property is located directly on the intersection of Bridgeport and Custer Rd with visibility to over 43,300 VPD. Bridgeport Way is the main arterial through Lakewood and University Place and the Property benefits from easy access from both north and west entries.
HIGH BARRIER-TO-ENTRY SUB-MARKET WITH 3.1% VACANCY RATE & STRONG RENT GROWTH
Retail vacancy rates in the Lakewood/University Place retail submarket are currently 3.1% with 4.6% rent growth year-over-year. In the past three years, rents have increased a cumulative 15.3%. With virtually no new retail development under construction and no new supply delivered in the past 12 months, the development lull creates an incredibly high barrier-to-entry as demand for space remains high.
Center for Independence’s Lease Upside
Center for Independence’s lease expires 8/2025, and they are currently paying below market rent at $11.04/SF NNN with market rents achievable in the $15-$20/SF NNN range, offering an investor upside in rents upon renewal or re-tenanting.
ADJACENT TO TOP performing WALMART SUPERCENTER
The Property is located down the street from a top performing Walmart Supercenter, ranked in the top 8 percentile in the nation, receiving 2.5M+ visitors annually (per Placer.ai). Other nearby national tenants include Public Storage, Sound Credit Union, Best Burgers, H&L Produce, Chevron, and Pacific Northwest Dermatology.
ANNUAL RENT INCREASES
All six leases benefit from annual rental increases. The annual increases during the initial lease terms range from 2.0% – 3.0%.
AFFLUENT DEMOGRAPHICS HIGH-GROWTH SUB-MARKET
Within a 5-mile radius, the population has grown by over 13% since 2010 with average household incomes exceeding $84,000. Within a 1-mile radius, the population has grown by more than 19% since 2010.
EASY ACCESS, AMPLE PARKING AND STRONG VISIBILITY
The Property is located at a signalized intersection and features two ingress/egress points into the Property, ample parking and strong visibility.
RECENT H&R BLOCK AND TOP QUALITY CLEANERS LEASE EXTENSION
H&R Block and Top Quality Cleaners just extended their leases by 3 years and 2 years, respectively; each with annual rent increases.
INCOME TAX-FREE STATE
Washington State is an Income Tax-Free State.
Listing Agents:
CLAYTON J. BROWN
RUTHANNE LOAR
206.493.2622
ruthanne.loar@marcusmillichap.com
