Spokane Center

Highlights:

• 100% of the Income Stream Is From National Tenants – HomeGoods, Ross Dress for Less, Planet Fitness
• 10-Yrs Corporate Executed Leases / Growing Income Stream
• Potential Value Add Through Developing entitled Shop Building and Leasing Vacant Space Behind Current Tenant
• Ease of Management & 100% Leased
• Well Below Replacement & Below Market Rents | $175 PSF
• New 2023 Store Front Facade & Interior Buildouts
• Strong Demographics – Spokane Is the 2nd Largest City in Washington | Retail Hub Serving 2 Million Residents
• Heavy Traffic / Dense Retail Corridor with Close Proximity to Major Economic Drivers
• Immediate Anchor Tenants in the Trade Include Walmart, Target, Home Depot, WinCo, Safeway, and TJ Maxx
• Spokane Center Is Nearby Gonzaga University, Eastern Washington University, Whitworth University

Description:

Broker of Record.. Greg Close ... License No.: 23604
Faris Lee Investments is pleased to offer for sale a 3-tenant, corporate guaranteed, NNN leased property commonly referenced as Spokane Center in Spokane, Washington, with 100% of the income stream coming from strong national credit tenants. All three tenants signed brand-new long-term leases in 2023, plus multiple options to extend the term. Additionally, each lease includes rental increases throughout the term which aids hedging against inflation while increasing the return on investment. All the leases are NNN, making the tenants responsible for all expenses associated with the property, and providing the landlord with minimal responsibilities.
For a future value-add opportunity, an owner would potentially be able to build a new 7,500 SF building currently entitled with a signed lease for 5,000 sf @ $28 psf/yr and/or rent out an existing and demised space of 13,310 SF

HomeGoods, Planet Fitness, and Ross Dress for Less all feature corporate-backed leases. Each tenant features high-grade credit ratings as they are each established brands in their respective industries – HomeGoods has over 900 stores, Ross has over 1,700 stores, and Planet Fitness has over 2,000 locations.

The subject property is strategically located in Spokane, Washington, the second-largest city in Washington, with a population of over 200,000. Target is adjacent to the property with Dick’s Sporting Goods, T.J. Maxx, Safeway, Staples, Best Buy, and PetsMart as part of the same center. This center is within close proximity to three well-regarded universities: Gonzaga University, Eastern Washington University, and Whitworth University. N. Newport Hwy provides over 31,000 vehicles per day and more than 163,000 people live within a five-mile radius.