Investment Overview

Marcus & Millichap has been selected to exclusively market for sale Meridian Place, a 100% occupied NNN retail center in Kent, Washington (Seattle-Tacoma MSA). The property is leased to 15 tenants spanning retail, medical, professional services, and education, with all leases featuring annual rent increases of 2.50%–3.50% and NNN structures with management fee reimbursement. Over 54% of GLA is leased by tenants in place more than five years and 40%+ for more than eight, demonstrating strong long-term retention. Situated on the signalized hard corner of SE 240th St and 132nd Ave SE with 43,200+ VPD, the property is embedded within a residential pocket of 3,500+ homes within one mile, providing tenants a neighborhood-serving location with limited nearby competition. Within five miles, the property serves a population of 227,000+ residents with average household incomes exceeding $128,000. Washington's lack of state income tax further enhances after-tax returns.