Olympia, WA - Fresenius

Description:

SRS National Net Lease Group in collaboration with Sherry Capital Advisors LLC is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a 2-tenant, NNN leased, 100% occupied retail investment located in Olympia, Washington (Seattle-Tacoma MSA). The property totals 15,500 SF and is divided into two suites with the Fresenius clinic occupying 11,170 SF and the Fresenius office space utilizing the remaining 4,330 SF. Both tenants have approximately 11 years remaining in their initial terms, with 3 (5-year) options to extend, demonstrating their commitment to the site. The leases feature 1.7% annual increases throughout the initial terms and an increase equal to the lesser of FMV or 10% at the beginning of each option period, steadily growing NOI and hedging against inflation. Both tenants operate under leases which are NNN in nature, limiting expense leakage for a future investor in an income tax free state.

The asset is strategically located just off Lilly Road Southeast, a major retail thoroughfare which carries over 23,000 vehicles per day. The subject property benefits from nearby direct on/off ramp access to Interstate 5 (146,000 VPD), providing ease and convenience for patients and employees alike. Furthermore, the asset is within walking distance from The Providence St. Peter Hospital (390 staffed beds), further increasing traffic to the subject trade area. Moreover, the site is positioned just under a mile north of South Sound Center, a 656,000 SF power center with notable tenants including Target, Kohls, Marshalls, Rite Aid, Petsmart, and more. Other nearby national/credit tenants include Home Depot, Lowes, Albertsons, Ross, Hobby Lobby, Tractor Supply, Safeway, Burlington, and more. Strong tenant synergy increases consumer draw to the immediate subject trade area and promotes crossover tenant exposure to the site. In addition, the two-tenant Fresenius building is located just over a mile and a half north of Saint Martin’s University, a 300-acre campus with a population of more than 1,300 students. Lastly, the site is within walking distance from multiple assisted living centers and apartment complexes including The Sequoia Assisted Living Center (91 units), Landis Pointe (80 Units), and The Huntington Apartments (100 units), providing a direct residential consumer base from which to draw. The 5-mile subject trade area is supported by more than 158,000 residents and 86,000 daytime employees boasting an affluent average household income of $103,000.