South Hill Plaza 3850 S Meridian 27,319 SF 85% Leased Retail Building Puyallup, WA 98373 $11,200,000 ($409.97/SF)



EXECUTIVE SUMMARY
South Hill Plaza (the “Property”) is located at one of the busiest intersections in Pierce County (58,000 cars/day) at the epicenter of the region’s most active retail corridor, along Meridian. Traffic is supported by the adjacent regional South Hill Mall (1.1 million SF). The properties operate symbiotically.
The rent roll has been optimized with several recent lease renewals and new tenant signatures, offering an atypically long weighted average lease term (WALT) of 4.9 years. The tenants are particularly well suited to the market with a focus on medical/dental tenants and an array of daily-need retailers. None of the tenants at South Hill Plaza are retailers of hard/soft goods.
South Hill Plaza has historically operated at full occupancy. However, an interior suite (4,096 SF) recently came vacant late 2024. Today, the Property is 85% occupied. The cash flow does not account for any income from the vacant suite. The ownership has already received multiple LOIs to back-fill the vacant suite, but the seller is allowing the purchaser to dictate the outcome of the LOIs. All rental upside potential is passed to the purchaser.
The rent roll has been optimized with several recent lease renewals and new tenant signatures, offering an atypically long weighted average lease term (WALT) of 4.9 years. The tenants are particularly well suited to the market with a focus on medical/dental tenants and an array of daily-need retailers. None of the tenants at South Hill Plaza are retailers of hard/soft goods.
South Hill Plaza has historically operated at full occupancy. However, an interior suite (4,096 SF) recently came vacant late 2024. Today, the Property is 85% occupied. The cash flow does not account for any income from the vacant suite. The ownership has already received multiple LOIs to back-fill the vacant suite, but the seller is allowing the purchaser to dictate the outcome of the LOIs. All rental upside potential is passed to the purchaser.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Building Size
27,319 SF
Building Class
C
Year Built
1989
Price
$11,200,000
Price Per SF
$409.97
Percent Leased
85%
Tenancy
Multiple
Building Height
1 Story
Building FAR
1.12
Lot Size
0.56 AC
Zoning
PUY
Parking
105 Spaces (3.84 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Bus Line
- Pylon Sign
- Signage
MAJOR TENANTS Click Here to Access
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
- Melody Boba
- Accommodation and Food Services
- -
-
$9.99
-
Lorem Ipsum
-
Jan 0000
TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
Melody Boba | Accommodation and Food Services | - | $9.99 | Lorem Ipsum | Jan 0000 |
SPACE AVAILABILITY
- SPACE
- SIZE
- SPACE USE
- POSITION
- AVAILABLE
- Suite 6
- 4,231 SF
- Retail
- -
- May 2026
Space | Size | Space Use | Position | Available |
Suite 6 | 4,231 SF | Retail | - | May 2026 |
Suite 6
Size |
4,231 SF |
Space Use |
Retail |
Position |
- |
Available |
May 2026 |
NEARBY MAJOR RETAILERS










PROPERTY TAXES
Parcel Number | 041904-4020 | Improvements Assessment | $883,700 |
Land Assessment | $891,800 | Total Assessment | $1,775,500 |