European Square
100% Occupied Retail Investment with Long-Term Leases and Built-In CPI Increases
Marketing description
The Offering provides the opportunity to acquire a 100% occupied, 11,866 SF neighborhood retail center anchored by two long-tenured German specialty food tenants — Hess Bakery & Deli and German Pastry Shop — both of which have recently executed 5-year lease extensions through September 2031. The Property is fully stabilized with a weighted average lease term of approximately 5 years, no near-term rollover, and contractual annual CPI rent increases across every tenant. Strategically positioned between two signalized intersections with combined traffic counts exceeding 32,000 VPD, the Property benefits from daily foot traffic generated by an adjacent 60,000 SF office building and proximity to Joint Base Lewis-McChord, the third-largest employer in Washington State.
Investment highlights
- LONG-TERM ANCHOR STABILITY: Anchors extended through 9/30/2031 — 65% of the building locked in for 5+ years
- FULLY LEASED CASH FLOW: 100% leased with no rollover until late 2027
- BUILT-IN RENT GROWTH: Annual CPI rent bumps on every tenant — built-in NOI growth
- ESTABLISHED LOCAL TENANCY: Hess Bakery (since 1968) and German Pastry Shop (40+ years on-site) — 1,000+ Google reviews, 4.4–4.8 stars
- HIGH-TRAFFIC LOCATION: 32,000+ VPD between two signalized intersections, plus daily foot traffic from an adjacent 60K SF office building
- MILITARY DEMAND DRIVER: Less than 3 miles from Joint Base Lewis-McChord — 110,000+ personnel and family
- STRONG DEMOGRAPHICS: 235K residents within 5 miles, $101K avg HH income
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