Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the owner, is marketing a 116,863-square-foot, multi-tenanted, grocery-anchored center in the hottest housing market in the country, Tacoma, Washington. Tahoma Vista Shopping Center is anchored by Grocery Outlet, a growing extreme-value grocery retailer, and Big Lots (NYSE: BIG; S&P: BBB-). Ninety-nine percent of tenants are credit and national retailers with an average tenure at the center of 16 years and an average WALT of 9.3 years. In addition to the anchors, the center rounds out its diverse and synergistic rent roll with O’Reilly Auto Parts, Taco Bell and Isle de Café.
Situated on 9.66 acres at 1414 72nd Street East, Tahoma Vista Shopping Center is strategically positioned at the corner of 72nd Street East and Portland Ave East, which sees more than 32,000 vehicles per day. The retail center for sale is within a growing and dense trade area with demographics perfectly suited to the tenant roster.
The subject presents ownership the ability to lease up the large vacant suite and to spin off the individual pad buildings on their own tax parcels, both of which currently pay below market rent. Furthermore, the buyer will have the ability to develop a permanent drive-through cafe with a higher- profile than Isle De Café that will garner higher NNN rents.
Tahoma Vista Shopping Center presents an opportunity for an investor to acquire a value-add retail center for sale at a high-traffic location in a top U.S. investment market below replacement cost and with a loyal tenant base. For more information on this or other available retail properties in the Pacific Northwest, please contact Nick Kassab in HFF’s Portland office.
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