867 N Columbia Center Blvd - Freestanding FOR SALE


Kennewick, WA 99336
$8,800,000 USD
425-233-9522
867 N Columbia Center Blvd, Kennewick, WA for Sale
$8,800,000 USD
Freestanding - FOR SALE
1/3
null | 7.5% Cap Rate

867 N Columbia Center Blvd
Kennewick, WA 99336


HIGHLIGHTS

  • Pending Early 5-Year Lease Extension
  • #1 At Home In the Pacific Northwest | Top 4% Ranked Nationally (Placer.ai)
  • Absolute Net Lease With Corporate Guaranty (229+ Locations)
  • Significantly Below Market Rent & Attractive Basis
  • $4.2M Property Renovation
  • Strong Retail Trade Area

OVERVIEW

The Brown Group of Marcus & Millichap has been selected to exclusively market for sale the #1 At Home in the Pacific Northwest located in Kennewick, WA. This location ranks #1 among At Home stores in the Pacific Northwest and in the top 4% of all Furniture/Home Stores nationwide per Placer.ai, with over 221,000 annual visits. The property is secured by an absolute net lease with zero landlord responsibilities, guaranteed by At Home Stores, LLC, operating 229+ locations across 39 states. The seller is currently in discussions with At Home to extend the lease early for an additional five years, bringing the firm term to 8+ years. At Home is paying $6.21/SF NNN — well below estimated market rents of $15.00–$25.00/SF — and the property is offered at $83/SF compared to CoStar-estimated values of $118+/SF for similarly sized retail, providing an attractive entry basis with significant upside. The tenant invested $4.2M of its own funds in property renovations in 2019, including exterior and interior remodel, parking lot, and utility upgrades. Strategically located along Columbia Center Boulevard — the Tri-Cities' primary retail corridor with 26,000+ VPD — the property is adjacent to Columbia Center Mall, the largest regional mall within a 150-mile radius and surrounded by 200+ retailers within three miles including Target, Lowe's, TJ Maxx, Burlington, HomeGoods, and Kohl's. The surrounding trade area supports approximately 160,000 residents within five miles, average household incomes exceeding $109,000, and nearly 8% population growth over the past five years. Washington's lack of state income tax further enhances after-tax returns.

FOR SALE DETAILS

PRICE

$8,800,000 USD

PRICE/SF

$83 USD /SF

CAP RATE

7.5%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

At Home

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

ADD'L SUBTYPES

Supermarket, Health Club, Department Store

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1989

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

10.73 AC

LAND SF

467,399 SF

ZONING

CR

APN/PARCEL ID

131994000002005

ASK ABOUT THIS PROPERTY

Trevor LaneMarcus & MillichapMore Info
425-233-9522

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Trevor LaneMarcus & MillichapMore Info
425-233-9522

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.