Historical Retail Sale Listing - Lincoln Heights

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Lincoln Heights

2829-3011 E 29th Ave, Spokane, WA 99223

N/A

51,614 SF | Retail

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Lincoln Heights

Retail Property - Off Market

Price:
N/A
Gross Leasable Area:
51,614 SF
Property Type:
Retail
Property Sub-type:
Strip Center
Property Use Type:
Net Lease Investment with
4 years left on lease
Cap Rate:
9.50%
Occupancy:
98%
Tenancy:
Multiple
Listing ID
16316504
Last Updated
over 1 year ago

Highlights

  • Desirable Co-Anchored Rite Aid, Jo-Ann' s, and Petco Center
  • Located on a Hard Corner with Excellent Visibility and Access
  • Low Cost Retail Provider with the Opportunity to Add Value
  • Excellent Price per Foot, Significant Discount to Replacement Cost

Description

This offering represents an opportunity to acquire a Rite Aid co-anchored retail center in Spokane, Washington. Lincoln Heights Shopping Center is located on a hard corner with excellent visibility and traffic counts in excess of 26,000 vehicles per day. The Property's main draw, Rite Aid, as well as its frontage on 29th (a major east/west arterial on Spokane's prestigious South Hill boasting the areas highest average annual household income of $67,732 within a 3 mi radius) position the center as the dominant low cost center in the surrounding trade area. Lincoln Height's below market rents and excellent price per foot provide an investor the opportunity to remain extremely competitive in negotiating new leases and retaining existing tenants.

The Property benefits from its location next to Jo-Ann' s and Petco (not included in this offering) which were both renovated in 2004. Additionally, there are numerous out parcels (not included) such as McDonalds, KFC/A&W, and US Bank that draw significant traffic to the center. Other area retailers include: ShopKo, Ace Hardware, Rosauers, Safeway, and Gold' s Gym.

Map of 2829-3011 E 29th Ave, Spokane, WA 99223 (Spokane County)

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Created 7/14/2009