Overview

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Highlights

• PRICE: $27,590,800
• CAP RATE: 6.00%
• YEAR 1 NOI: $1,655,448
• OCCUPANCY: 99%
• SITE AREA: 15.10 Acres
• PRICE PER SF: $349.51
• PARKING: 517±
• PAD TENANTS: Starbucks, Panda Express, Sprint, Jack in the Box, Bank of America, Best Tire, Jiffy Lube, Elephant Car Wash

Description

The Market at Lake Tapps is a 78,941 square feet high quality retail center offering stable tenancy. 52,325 square feet are in-line tenants and the balance include 7 buildings located on 7 separate parcels fronting Washington Route 410. Controlling the 7 pad buildings is unique and provides flexibility for future redevelopment of the site or possibly selling of individual pads to lower overall basis. The project is “e-commerce resistant” with majority of tenants providing necessary service based retail.

The property is 99% leased, located 30 miles south of Seattle, shadow anchored by Walmart Supercenter (NAP) and surrounded by major retailers such as Target, Lowes, Marshalls and a future Costco. The Market at Lake Tapps is in a perfect central location in the growing town of Bonney Lake.

Location

The Market at Lake Tapps is positioned at the cross section of the cities of Sumner, Puyallup, Buckley, and Enumclaw. The property has excellent frontage and signage along Highway 410. There are multiple ingress/egress points directly into the center on both thoroughfares which provides ease of access to the center. The City of Bonney Lake, with a population just over 20,500, maintains a small town feel but is quickly growing area with excellent schools in the Sumner Bonney Lake and White River School Districts. Bonney Lake has a low crime rate for the region and three lakes offer fishing, swimming, boating and other opportunities. The City is the gateway to Mount Rainier National Park and many outdoor recreational opportunities in the nearby rivers, lakes, and Cascade Mountains. The City benefits from easy access to Seattle and Tacoma via State Route 410 or from the Bonney Lake Park & Ride Transit Center that connects to the Sounder Train.

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