Investment Overview

Marcus & Millichap’s Brown Retail Group has been selected to exclusively market for sale Spanaway Plaza, a value-add retail center located in rapidly growing Seattle/Tacoma MSA. The Property is currently 87% occupied with new tenants coming to the center including a brand-new construction Big Foot Java and OneMain Financial. Vacancy rates in the Spanaway retail sub-market are currently 3.3% with 6% rent growth year-over-year providing the investor with a simple value-add strategy (CoStar). Rents in the sub-market have increased a cumulative 17.8% with virtually no new retail development. The Property features a brand-new TPO roof installed in 2022 and a new 20-year transferable roof warranty. The Property benefits from a population of over 57,000 residents within a 3-mile radius, with average household incomes exceeding $89,000. Within a 3-mile radius, the population has increased 23% since 2010 and is projected to increase by another 3.75% in the next 5 year s. The Property is located just past a signalized, hard-corner with excellent visibility and exposure to over 61,000 VPD on HWY 7 (Pacific Ave) and 176th St. with multiple points of ingress and egress. It also features four pylon signs (grandfathered in) and a newly proposed 7-car drive-thru. Spanaway Plaza is located near the proposed JBLM Cross-Base Highway Project, which is roughly 6-miles of state highway and is expected to cost $480 million to construct and will connect I-5 to Pacific Ave.