Investment Overview

Marcus & Millichap's Brown Retail Group has been selected to exclusively market for sale a La-Z-Boy location in Spokane, WA. La-Z-Boy has 9 years remaining on their 10-year Corporate Guaranteed (NYSE: LZB) NNN lease and has operated as a La-Z-Boy at this location for over 25 years. The lease features minimal landlord responsibilities (roof & structure) and 2% annual rent increases which provides investors a hedge against inflation. In 2022, the Property underwent approximately $1,000,000 in property and tenant improvements which included parking lot seal and re-stripe, full interior and exterior paint, new monument sign and sign on building, new interior and exterior lighting, new trim and soffits, all new carpet and tile, all new ceiling fixtures and ceiling tiles, new electrical wiring for computers and monitors, and new plumbing fixtures. The Property also had a full roof replacement in 2019. La-Z-Boy has seen a 30% Y-O-Y increase in store visitors and ranks in the top 18% of all nationwide stores according to Placer.ai. The Property is located directly on N. Division St. (28,900+ VPD), the main arterial north/south in Spokane, with excellent visibility and signage at the intersection of W. Hawthorn Rd. (15,000+ VPD). In the last decade, the area has seen significant population growth within a 5-mile radius of nearly 14% and is predicted to grow by another 5% in the next 5 years.