Property History
MARCUS & MILLICHAP’S THE GARSKE GROUP HAS BEEN EXCLUSIVELY CHOSEN TO MARKET TWIN LAKES SHOPPING CENTER, a strategically positioned at 2311 SW 336th Street in Federal Way, Washington, represents a well established neighborhood retail destination spanning 19,361 square feet across a 2.18-acre lot with 10 individual suites. Built in 1979, this shopping center has maintained its relevance through ongoing infrastructure improvements, most notably the replacement of its main sewer line in 2023, ensuring modern utility standards for current and future tenants. The property benefits from exceptional traffic exposure, with SW 336th Street generating over 22,000 vehicles per day and the adjacent 21st Avenue SW carrying more than 16,000 vehicles per day, providing substantial visibility and accessibility for retail operations. The shopping center operates as a shadow-anchored retail hub, benefiting from the proximity of a Rite Aid pharmacy that draws consistent foot traffic to the immediate area. Its strategic location places it among several strong national retailers including Taco Bell, CVS, Subway, and KFC, creating a synergistic retail environment that attracts diverse customer demographics. The property’s value-add potential is further enhanced by its position within a densely populated residential corridor, surrounded by multiple apartment complexes with up to 518 units, including developments like Stonehaven at West Campus Apartments. With ten established tenants, including recognizable brands like Domino’s Pizza, the shopping center maintains full occupancy while offering opportunities for rent optimization and tenant mix enhancement given its prime location and substantial daily traffic counts.
NNN Lease Structures
New Roof in 2020
New Sewer System Throughout the Structure in 2023
High Volume location with ample parking and visibility
Value-Add Center with 50% of the Tenants having below market rents
Twin Lakes Shopping Center is a Safeway shadow-anchored center situated on 2.18 acres of land zoned RM2400. The property is ideally located on the signalized corner of SW 336th St and 21st Ave SW, with average traffic counts of 37,000 vehicles per day.
The center benefits from substantial residential development in the area and convenient accessibility. There is ample on-site parking with approximately 210 striped parking spaces. The property is also adjacent a vibrant mix of national retailers such as Safeway, Rite-Aid, Fred-Meyer, Autozone, Jack in the Box, Dairy Queen and many more.
The property is currently 90% occupied with a mix of local service-based tenants on NNN leases. Many tenants have been operating at the site since the early 2000’s, offering an investor a stable, seasoned tenant mix.
Built in 1979, the building is in excellent condition. The owners have had preventive roof maintenance contracted every year. The property has been well-maintained and shows the pride of ownership. In addition, the owners obtained an NFA letter for the site from the Department of Ecology in 2016.
Twin Lakes Shopping Center offers an investor the opportunity to acquire a retail center in a phenomenal location that generates a high as-is return and stable occupancy.
- NNN Leases
- High As-is Return
- Shadow-anchored Center
- Prominent Retail Corridor
- Densely Populated Area
- Strong Historical Occupancy
- Ample Parking
- Internet Resistant Tenant Mix
Loan History
Financial History
Tax History
Contact Information
Ownership Information
Zoning
Property Details
Contacts
Map
Comparable Properties
Does any data look off? Help us improve Crexi by offering your feedback!
