INVESTMENT HIGHLIGHTS
TROPHY STARBUCKS ANCHORED CENTER
The Property includes the only drive-thru Starbucks in all of Wenatchee and East Wenatchee and is located at the main entrance to Wenatchee’s high barrier to entry retail trade area. Starbucks has occupied the property since 2005, when the property was built.
100% OCCUPIED WITH DIVERSE TENANT MIX
The Property is 100% occupied with a mix of four total tenants including Starbucks (since 2005), FedEx (since 2006), Abundant Life Chiropractic (since 2013), and Love Sushi (since 2021).
HIGH BARRIER TO ENTRY MARKET WITH 1.1% VACANCY RATE AND 15% RENT GROWTH
Wenatchee MSA currently boasts a 1.1% retail vacancy rate and 15% rent growth over the past three years, per CoStar, making it one of the tightest retail markets in the state of Washington. With only 2.80% retail footprint growth in the past decade, zero square feet of new retail space delivered in the past 12 months, and zero square feet of retail space currently under construction, the development lull creates an incredibly high barrier to entry as demand for space remains high.
HIGH-VISIBILITY LOCATION WITH STRONG TRAFFIC COUNTS (35,000+ VPD)
The Property benefits from strong visibility to over 35,000 VPD and large pylon signage.
BRAND NEW ROOF
The roof was replaced in 2018 and features a 60 mil TPO membrane.
SHADOW ANCHORED BY LARGE NATIONAL TENANTS
The subject property is located near two major national tenants, Wal-Mart and Home Depot, that provide consistent traffic draw to the immediate area.
SCHEDULED RENT INCREASES AND STRONG NOI GROWTH
Each of the tenants at the Property have scheduled rent increases during the firm term and options periods providing for strong contractual NOI growth.
LOW MANAGEMENT CENTER WITH ALL NNN LEASES
All tenants at the center operate on NNN leases, minimizing Landlord management/repair responsibility.
AFFLUENT, HIGH POPULATION GROWTH MARKET
The Property benefits from a population of over 62,000 people within a 5-mile radius, with average household incomes exceeding $85,000. Within a 5-mile radius, the population has grown over 10% since 2010 and is projected to increase by another 3.0% in the next 5 years. Within a 1-mile radius, the population has grown by more than 15% since 2010.
INCOME TAX FREE STATE
Washington State is income tax-free state.
Listing Agents:
CLAYTON J. BROWN
