Dollar Tree/Planet Fitness Tacoma

Challenge

An older retail center in Tacoma, Washington, built in 1966, was facing significant deferred maintenance and large vacancy issues.

Action

We worked with the developer who acquired the property to remodel it with a modern facade, including significant updates to the exterior. Our Kidder Mathews leasing team played a crucial role in extending the Dollar Tree lease and signing Planet Fitness to a new 15-year lease, keeping the property fully occupied.

Our team developed a marketing strategy to attract buyers interested in low-risk, passive investments with stable occupancy. We highlighted the recent renovations, long-term leases, high traffic arterial location, and strong national credit tenants. We targeted private investors and 1031 exchange buyers seeking stable assets to defer taxes. The property was marketed digitally on CoStar, Loopnet, and our company website. Our team directly contacted likely buyers and brokers to generate interest.

Result

Through our focused marketing process, we secured multiple competitive offers for the property. We were able to drive the value and achieve the following results:

• Worked with the developer to update an older retail center in Tacoma, WA, built in 1966, with a modern facade, new roof, parking lot, and landscaping.
• Attracted high-quality tenants in Dollar Tree and Planet Fitness to occupy the space.
• Widely marketed the property and found an investor through our China Services division in our Bellevue office.
• Secured a buyer that paid aggressively to acquire the property and the future income stream.

Testimonial

"Erik and Mike did an excellent job marketing our property and finding the right buyer. Their approach helped secure multiple offers even during an uncertain market. We were very pleased with the sale price and transaction process."