6610 TACOMA MALL BLVD Tacoma WA 98409-9086

Ascension is pleased to present this rare opportunity to purchase this high performing La-Z-Boy Furniture Galleries® store in Tacoma, WA. La-Z-Boy is an American furniture manufacturer based in Monroe, Michigan, USA, that makes home furniture, including upholstered recliners, sofas, stationary chairs, lift chairs and sleeper sofas. La-Z-Boy’s Corporate Retail segment is currently composed of 166 stores.

In 2020, La-Z-Boy signed a 10-year Triple-Net (NNN) Lease which features 10% increases every 5 years and four, 5-year extension options. The subject lease will be backed by La-Z-Boy Incorporated (NYSE: “LZB”), a publicly traded company with over nine decades of servicing the home furniture industry.

This La-Z-Boy Furniture Galleries® store is strategically located in one of the U.S’s top growth markets off the I-5 highway with traffic counts of 205,242 VPD and nearby variety of national retailers such as Home Depot, WinCo Foods, LA Fitness, DQ, Starbucks, etc. The facility includes 22,080 square feet of retail/showroom space situated on 1.51 acres.

Located in Seattle MSA - High Density Market - This store has over 312,191 residents within a 5-mile radius.

8 Years Remaining with a 10% Bump in 3 Years - La-Z-Boy has 8 years remaining on the lease with four, 5-year extension options and 10% rental increases every 5 years.

Brand New 2021 Store Remodel including New Roof - Landlord replaced the roof last summer which includes a 20-year warranty.

Corporate Guaranty From Publicly Traded Company - La-Z-Boy Incorporated (NYSE: “LZB”) is a publicly traded company with $1.7 billion in revenue spanning across 166 corporate owned stores and a total of 712 independently owned retail outlets.

Strong Operating History and Recession Resistant Tenant - La-Z-Boy has been serving its clients since 1927 and has experienced many economic cycles.

Rent / SF is Below Market with Room for Growth - La-Z-Boy is currently paying $20.25 / sq. ft, which is slightly below market for comparable properties in the area and provides a runway for continued rent growth over the life of the investment.

Growth Market - Tacoma, WA has been one of the fastest growing cities in the US and the population is expected to continue to grow by 8% in next 5 years.

Trophy Real Estate Investment in Seattle MSA - Seattle MSA is home to over 4 million residents and is the 15th largest MSA is the US.

High Barrier to Entry Market with Limited Vacancy - Tacoma, WA is a highly sought-after retail market with a vacancy rate of less than 2.8%.

I-5 Highway Frontage with a Pylon Sign - This high-performing store is strategically located off the I-5 highway with traffic counts of 205,242 VPD.