24050 Pacific Hwy S, Kent, WA 98032

Ground Lease to Investment Grade Tenant: Lowe’s (NYSE:

LOW) recently exercised the first of 4, 5-year options, expiring in 2031.

Each option includes a 7.5% rent increase. Lowe’s maintains a BBB+ credit

rating (S&P).

Light Rail Expansion: The LINK Kent Des Moines light rail station, just

one block north, opened December 2025. Part of the larger Federal Way

Link Extension (FWLE), additional stops include Star Lake and Federal

Way downtown.

Heavily Trafficked Corridor Location: The Premises has direct

frontage on Pacific Hwy S (30,000 VPD), with nearby proximity to

Interstate 5 (210,000 VPD). Highline College is directly across the street,

providing additional everyday traffic.

Growing Nearby Demographics: Over 96,000 people live within

3 miles of the Property, with an average household income of $112,000.

The nearby population has grown 22% since 2010, with continued growth

anticipated due to the LINK light rail expansion.

Future Upside Opportunity: Three (3), 5-Year options remain,

allowing ownership to capitalize on future upside through mark-to-market

leasing, an owner-user sale to similar operators, or multifamily

redevelopment (max density is 16 stories with 80% lot coverage).

Below-Market Entry Point: With an effective building rent of $6/

sf and a resulting building value well below replacement cost, the future

options are vast and could include replacing the tenant, demising the

building, selling to a user or developing the 10+ acre site at an extremely

low land basis adjacent to light rail.