Heights Shopping Center is a daily-needs retail center anchored by Safeway, which has operated since 1991 and remains leased through 2031, which welcomes approximately 889,000 annual visits (Placer.ai). In addition to the in-line space, Safeway also operates on a separate ground lease for the NE corner parcel, expiring in 2031. Both leases include two (2) ten-year options with 10% rent increases. In-place shop rents average below $9 per square foot, well-below prevailing neighborhood rates of $18-$22 per square foot, creating a clear mark-to-market opportunity on upcoming rollovers amid a one-mile retail vacancy of less than 3%. The tenant mix is e-commerce resistant, featuring a mix of small-format financial services, salons, health and fitness, and food uses, and limited junior-box exposure with the largest non-grocer space around 6,000 square feet. The Property is located within the Heights Plan District, which supports mixed-use, mid-rise scale development alongside adjacent R-18 zoning. The surrounding trade area is affluent and expanding, with one-mile average household income above $125,000 and a nearby population base that’s grown over 20% since 2010. The Offering is positioned at a signalized hard-corner intersection at E Mill Plain Boulevard and N Andresen Road with multiple access points to a dedicated ~340-stall parking lot, offering excellent visibility and access. Offered at $123 per square foot, the center provides a below-replacement entry compared to $600 per square foot or more for new grocery-anchored product. A 4.38% CAGR signals attractive growth, with further lift via development of the Safeway ground-leased parcel and marking Safeway’s in-line space to market (presently $9/SF) in the event they vacate.