Mount Vernon Center
Puget Sound Retail Center Anchored by Grocery Outlet and Ross Dress for Less
Marketing description
The Verger Team is pleased to present Mount Vernon Center, a 100,155 SF, 98% occupied neighborhood retail center located in the Puget Sound Region of Washington State. The property is anchored by Grocery Outlet and Ross Dress for Less, two leading value retailers representing 41% of the GLA, with staggered lease expirations that minimize rollover risk.
The inline tenant base, spanning the main building and two adjacent strip centers, is anchored by long-tenured local operators, with approximately 34% of tenants having occupied the property for 14+ years. The service-oriented mix of tenants, including a laundromat, nail salon, mail services, and state agency offices, is largely insulated from e-commerce competition, while benefiting from the consistent foot traffic generated by the value anchors.
Strategically positioned along East College Way, with 38,695 VPD and direct visibility and access to Interstate 5. The center benefits from placement within a dominant retail corridor alongside national anchors including Safeway, Tractor Supply, and Hobby Lobby. The surrounding trade area reports average household incomes of $113,747 within a five-mile radius and continues to benefit from steady population growth, as Mount Vernon serves as the primary commercial hub for Skagit Valley.
At approximately $155 per square foot, the offering represents a significant discount to estimated replacement costs, providing investors a stabilized basis that would be difficult to replicate in today's construction cost environment.
Investment highlights
- Grocery Outlet & Ross Dress for Less Anchor 41% of GLA - Two nationally recognized value-oriented retailers serve as the primary traffic drivers for the center, supporting the surrounding tenants and generating consistent daily visitation.
- 98% Occupied Neighborhood Retail Center - Mount Vernon Center maintains strong occupancy with a stable mix of national and long-standing local tenants, with 34% of tenants occupying the center for 14+ years.
- Staggered Anchor Expirations Eliminate Rollover Risk - Anchor lease expirations separated by approximately five years provide future ownership with a manageable renewal schedule.
- Strategic Location Along Interstate 5 Retail Corridor - Positioned within a dominant retail corridor just off Interstate 5, surrounded by national retailers including Safeway, Hobby Lobby, Tractor Supply, Petco, etc., with 38,695 vehicles per day along E College Way.
- Inline Shop Space Below Market Rent - Meaningful mark-to-market opportunity as leases roll, providing a clear path to NOI growth while anchor tenancy remains stable.
- $155/SF Acquisition Basis Well Below Replacement Cost - The offering represents a substantial discount to estimated replacement costs for comparable retail centers, providing investors with a significant basis advantage.
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