Investment Overview

Marcus & Millichap’s Brown Retail Group has been exclusively selected to market for sale Canyon Plaza located in the affluent Seattle/Tacoma, WA MSA. The Property is currently 100% occupied with a diverse tenant mix including Verizon Wireless and Windermere Real Estate. 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. In 2027, the future owner will have the opportunity to increase Crown Castle GT Company's easement to market rents, which is estimated to increase NOI by at least $35,000/year. Four of the five leases feature annual rent increases during the initial lease terms. The Property features a total of five tenants and one leased easement with varying lease expiration dates, ensuring long-term occupancy levels. The Property was renovated in 2005 and features high-quality finishes. The Property benefits from a population of over 238,000 residents within a 5-mile radius, with average household incomes exceeding $93,000. Within a 1-mile radius, the population has grown over 34% since 2010 and is projected to increase by another 4.9% in the next 5 years. Spanaway/Puyallup, WA submarket rents have increased a cumulative 17.8% over the past three years, per CoStar. With a vacancy rate of 3.3% 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.