26015-26301 104th Ave SE
Kent, WA 98030
Canyon Ridge Plaza · Retail Property For Sale

CALL FOR OFFERS: JUNE 30TH
Ross Anchor Stabilized With a 10-Year Renewal: Ross Dress for Less (27,200 sq. ft., 31.3% of GLA) operated under a co-tenancy violation following Top Foods’ vacancy, paying substitute rent of 2% of gross sales. In February 2026, Ross executed a 10-year renewal at $15.50/SF with a 10% bump in Year 5, fixed CAM of $5.49/SF with 3% annual increases, and the co-tenancy condition removed. Base rent increases $155,600 annually, a 59% lift over the substitute rent rate.
Established Retail Node Within the Seattle-Tacoma-Bellevue MSA: Canyon Ridge Plaza has direct access to SR-515, SR-167, SR-516 and I-5. The 5-mile trade area encompasses 258,304 residents with an average household income of $128,688. Retail submarket vacancy stands at 4.5%. Primary employers in the trade area include Boeing, Amazon and the Port of Seattle. Adjacent Off-Price Cluster Adds Traffic Support: Harbor Freight, Burlington, and TJ Maxx have all opened in the former Top Foods space, joining Ross, Petco, and Old Navy to form a strong value retail corridor.
Numerous Recent Long-Term Commitments: In the past 18 months, five separate tenants have committed to new or extended long-term leases at Canyon Ridge:
• Ross (new 10-year lease at $15.50/SF)
• Skechers (new 10-year lease at $24/SF)
• Verizon Wireless (new 5-year lease at $24.32/SF)
• Petco (5-year extension)
• Domino’s Pizza (10-year renewal)
• Comcast/Xfinity (option exercise).
Two Pad Buildings With SR-515 Frontage Included in the Offering: The sale includes two pad buildings fronting SR-515, providing additional income potential and visibility along the primary corridor.
Two Vacant Inline Suites Offer Near-Term Upside: Two suites totaling 5,206 sq. ft. (6% of GLA) are currently vacant. Underwriting projects absorption by June 2027 at market rates, adding approximately $125,000 in annual NOI at stabilization.