CAP Rate: 6.5%
Gross Leasable Area: 20,400 SF
- 100%-Leased Retail Center Along Primary Retail Thoroughfare
- 80% of Space Leased to Credit Tenants
- Recent Sherwin-Williams Extension
- Low-Management Asset–Majority of Leases NNN
- Anchor Tenant with Below-Market Rents
The subject property is situated on 2.62 acres on Columbia River Highway, which sees approximately 25,000 vehicles per day. The 100%-leased retail center has multiple tenants with extensive operating history at the location. Dollar Tree exercised their option early, which speaks to the long-term viability for the tenant in this space due to the below-market rent and strong location. Dollar Tree also recently upgraded the interior of their suite, further showing their commitment to the site. Sherwin-Williams just exercised their second option in November of 2021, further demonstrating the success of the tenant mix in the shopping center.
All tenants have performed well during the COVID-19 pandemic and all tenants are current and have not missed a rent payment. The oversized parcel has additional acreage behind the Dollar Tree, which could provide an investor with some potential upside through redevelopment or repositioning in the future.