JLL, as exclusive advisor, is pleased to offer the opportunity to acquire 9010 Market Place (hereafter the “Property”), a 2018 construction Bartell-Drugs anchored retail development in Lake Stevens, WA. The offering features two standalone buildings totaling 21,088 square feet 100% leased to two tenants, Bartell Drugs and RAM Restaurant & Brewery. Located at the junction of Hwy 9 and SR 204, the Property garners significant daily traffic volume (22,000 and 35,000 VPD, respectively). The Property’s high visibility has generated meaningful results for its tenants, with the RAM Restaurant & Brewery’s trailing 12-month sales exceeding $500 PSF.
Located in one of the fastest-growing suburbs of Seattle, Lake Stevens continues to see in-migration of residents seeking a well-amenitized suburban lifestyle evidenced by population growth averaging 3.76% over the last decade. Notable regional employers in the aerospace and manufacturing industries contribute to an average household income of $140,126, 25% higher than the state average. With limited retail development in the area, the Property is well-positioned to serve a captive customer base.
Sources: PlacerAi, CoStar, ESRI
- 100% net leased with fixed-renewal options
- High visibility location
- High-earning customer base
- Durable cash flow from stable tenancy
- High barriers to entry