East Hill Plaza
Retail | 6.75% CAP | 11,700 SqFt
Marketing description
The retail market in Kent, WA is vibrant and diverse, with a variety of retail spaces available throughout the city. The retail sector includes shopping centers, standalone stores, and mixed-use developments.
One of the major retail destinations in Kent is the Kent Station shopping center, which features a mix of national and local retailers, restaurants, and a movie theater. This open-air shopping center spans over 470,000 square feet and is located in the heart of downtown Kent, making it a popular destination for shoppers and retailers alike. The center's location near major transportation routes, including Interstate 5 and State Route 167, also makes it easily accessible to customers from surrounding areas.
Apart from Kent Station, Kent's retail sector features a wide range of retail spaces for lease, including strip centers, neighborhood centers, and standalone stores. The city has a diverse mix of national and local retailers, with some of the notable national retailers including Walmart, Target, and Costco, along with several big-box stores and chain restaurants.
Overall, the retail market in Kent is competitive, with relatively low vacancy rates and competitive rental rates compared to other cities in the region. Kent's location within the Puget Sound region, its access to major transportation routes, and its diverse mix of retailers make it an attractive destination for retailers looking to establish a presence in the area.
Investment highlights
- The property features four tenants all under structured NNN leases with minimal Landlord obligations. Diverse tenant mix with staggered lease expirations.
- Kent is a middle-class melting pot with a diverse consumer market that includes a mix of age groups and income levels.
- The property offers potential upside as below-market tenants reach lease expiration, with an opportunity to stabilize rents to current market rate ($22/SF).
- The majority of tenants have contracted increases ranging from 2.5% and 3% annually to 10% every five years.
- Centrally located within the East Hill neighborhood in Kent. East Hill provides a diverse range of retail options, from large chain stores to small local businesses, catering to a wide range of shopping needs. The offering is in the heart of the trade area and will not be out-positioned.
- This property boasts a highly populated surrounding area, with over 255,000 residents within a 5-mile radius. Notably the immediate population has experienced a substantial 32% increase over the past decade, further contributing to the property's potential for attracting a diverse and robust customer base.
- The offering benefits from excellent access and visibility with two convenient ingress and egress locations along 104th Ave. The property is located in the middle of highly trafficked intersections at 104th and 240th in Kent (30,000+ vehicles per day).
- Prime location near major employment hubs Seattle, Bellevue, Renton and Tacoma providing convenient access to job opportunities, amenities and transportation options.
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