Ulta Beauty Pad
#1 Ulta in Washington State | Freestanding NNN Investment
Marketing description
Northmarq is pleased to present the opportunity to acquire a freestanding Ulta Beauty located at 1232 N Columbia Center Blvd in Kennewick, Washington. The Property was renovated for Ulta Beauty in 2022 as part of a new 10-year lease and currently has approximately six years of remaining term and four, five-year renewal options. The lease includes continued 10% escalations throughout the option periods, providing investors with a passive and steadily growing income stream.
This location is the #1 Ulta in Washington State and ranks within the top 3% of all Ulta stores nationwide by visits according to Placer.ai. The store generates approximately $12.1 million in estimated annual sales, drawing more than 473,000 annual visits annually. Positioned along N Columbia Center Blvd (±28,000 VPD) as a pad site to Columbia Square Mall, the Property benefits from dominant regional retail traffic, strong surrounding demographics, and limited competing retail supply within the Tri-Cities market.
Investment highlights
- #1 ULTA location in Washington State and ranked within the top 3% of all ULTA stores nationwide by visits and $12.1 million in estimated annual sales with more than 473,000 annual visits, per Placer.ai
- Freestanding ULTA Beauty renovated in 2022 as part of a new 10-year lease commitment
- Approximately six years of remaining lease term with four, five-year renewal options
- Lease features 10% rent escalations throughout the option periods, creating a growing income stream
- Positioned along N Columbia Center Blvd with exposure to approximately 28,000 vehicles per day
- Pad site to Columbia Square Mall, a dominant regional retail destination with approximately 1.5 million annual visits
- Limited competing retail supply and minimal comparable relocation alternatives within the Tri-Cities market
- Kennewick-Richland retail vacancy of approximately 3.3% with minimal new construction pipeline
- Strong regional demographics supported by population growth and above-average household incomes
- Passive NNN lease structure with minimal landlord responsibilities
- Washington State location benefits from no state income tax, enhancing appeal to private and 1031 exchange investors
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