Investment Overview

Marcus & Millichap’s Brown Retail Group has been selected to exclusively market for sale 192nd Plaza, a newly developed retail center located in rapidly growing Camas, WA (Portland/Vancouver MSA). The Property is currently 92.4% occupied with pending LOIs on two vacant suites, which the Seller will guarantee for two years post-closing. Nearly 80% of the GLA has occupied the Property for more than 6 years. The Seller's current loan, fixed at a 5.00% interest rate until March, 2026 and amortized over 30 years, is assumable and features a balance of roughly $6,300,000 (contact listing agent for additional details). Regus occupies approximately 42% of the GLA at the Property and is only paying $6.60/SF NNN in rent, with market rents achievable in the $20/SF - $22/SF NNN range, providing an investor with significant upside in increasing rents for this space to market. All of the tenants at the Property currently operate on NNN leases allowing for reimbursement of nearly all expenses and providing a hedge against rising operating expenses. The Property features a total of eleven tenants with varying lease expiration dates, ensuring long-term occupancy levels. The Property was built in 2010, features high-quality finishes and has been maintained in great condition. The Property benefits from a population of over 165,000 residents within a 5-mile radius, with average household incomes exceeding $105,000. Within a 5-mile radius, the population has grown nearly 20% since 2010 and is projected to increase by another 4.6% in the next 5 years. Within a 1-mile radius, the population has grown by more than 36% since 2010. Camas, WA submarket rents have increased a cumulative 9.5% over the past three years, per CoStar. With only 5.0% retail footprint growth in the past decade and zero square feet of new retail space currently under construction, the development lull creates a high barrier to entry and demand for space remains high.