Listed by CBRE - Seattle
$7,615,000
Shoppes at Lake Meridian
Details
Property Type Retail
Square Footage 11,151
Units 44
Cap Rate 5.50%
Occupancy 100%
Tenancy Multi
Brand/Tenant Starbucks, Subway
Year Built 2005
Acreage 1.000
Zoning Community Commercial
Ground Lease No
Retail | $7,615,000 | 5.50% Cap | 11,151 SF
Marketing description
The Shoppes at Lake Meridian (the “Property”) consists of two legally separate properties, each operated together as a single asset. The two buildings are positioned adjacent to a sister property called “Lake Meridian Crossing” (NAP). The buildings are shadow-anchored by the #4 most-productive Safeway grocery in the region (out of 27 stores) – driving 1.3 million customers per year. Kent-Kangley Road is the primary commercial arterial in the region (33,000+ vehicles per day) and provides direct access to the fast-growing communities in the region – Covington and Maple Valley. As these neighboring communities continue to grow, vehicle traffic in front of the Property is expected to increase accordingly.
Investment highlights
- Perfection rent roll (WALT - 4.6 years)
- Top-performing Safeway (shadow anchor)
- High growth submarket (Covington/Mapel Valley)
- High traffic retail node (44,000+ VPD)
Listing Contacts
Listed by CBRE - Seattle
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