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691 Sleater Kinney Rd SE
Lacey, WA 98503
SOUTH SOUND CENTER · Retail Property For Sale
Investment Highlights
- TRADER JOE’S ANCHORED – NEW 10-YEAR LEASE
- LEASING UPSIDE – 81% OCCUPANCY
- DOMINANT SOUTH SOUND RETAIL HUB
- TARGET SHADOW-ANCHORED
- 7.5% CAGR
- #1 KOHL’S LOCATION IN THE STATE & RENT OF $1.88 PSF/YR (GROSS)
Executive Summary
South Sound Center is a regionally dominant grocery-anchored retail destination in Lacey, Washington, anchored by Trader Joe’s on a new 10-year lease and shadow-anchored by Target. The Center attracts approximately 5.0 million annual visits, supported by strong daily-needs traffic and additional anchors in Marshalls, PetSmart, Michael’s, and a low gross rent ($1.88/SF/YR) – top performing Kohl’s (Placer.ai).
The offering presents a compelling return profile, featuring a 7.50% CAGR and attractive stabilized return on cost, underpinned by an extremely low entry basis, in-place rents below market, and meaningful near-term leasing upside at 81% occupancy. Further enhancing the investment, South Sound Center offers long-term redevelopment and repositioning potential, creating multiple pathways for durable cash-flow growth and value creation.
The offering presents a compelling return profile, featuring a 7.50% CAGR and attractive stabilized return on cost, underpinned by an extremely low entry basis, in-place rents below market, and meaningful near-term leasing upside at 81% occupancy. Further enhancing the investment, South Sound Center offers long-term redevelopment and repositioning potential, creating multiple pathways for durable cash-flow growth and value creation.
Property Facts
Sale Type
Investment
Property Type
Retail
Building Size
381,406 SF
Building Class
C
Year Built
1962
NOI
$3,953,938 CAD
Percent Leased
86%
Tenancy
Multiple
Building Height
1 Story
Loading Docks
1 Exterior
Building FAR
0.28
Lot Size
30.84 AC
Opportunity Zone
Yes
Zoning
WD
Parking
187 Spaces (0.49 Spaces per 1,000 SF Leased)
Frontage
217’ on Sleater Kinney Rd SE
Amenities
- Bus Line
- Dedicated Turn Lane
- Signalized Intersection
Property Taxes
| Parcel Numbers | Improvements Assessment | $42,861,999 CAD | |
| Land Assessment | $23,107,133 CAD | Total Assessment | $65,969,132 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$23,107,133 CAD
Improvements Assessment
$42,861,999 CAD
Total Assessment
$65,969,132 CAD
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