Heritage Bank

Property Overview

850 Trosper Rd SW in Tumwater, Washington is a 3,834 SF single-tenant retail building occupied by Heritage Bank. Built in 2013, the property features a brick facade and sits within a dense retail corridor off Interstate 5, surrounded by national retailers including Fred Meyer, Costco, Walmart, The Home Depot, Walgreens, and Albertsons. The Olympia-Lacey-Tumwater MSA includes a population of over 270,000 residents, and the property benefits from 108,000 vehicles per day on Interstate 5 and 27,760 vehicles per day on Trosper Road SW.

Challenge

Our team was engaged to sell a Heritage Bank NNN-leased investment with more than eight years of firm term remaining, contracted bi-annual rent increases, and three 5-year renewal options. The property offered strong passive income characteristics, but as a single-tenant asset occupied by the tenant itself, any sale process needed to account for the tenant's right of first offer — a factor that shaped how we approached buyer outreach and negotiations.

Action

We brought the property to market at $2,684,000 ($700/SF), targeting investors seeking stable, low-management retail assets with long-term lease security. Our team engaged multiple prospective buyers and ran a structured marketing process. Throughout that process, we kept the tenant informed of activity, which ultimately led Heritage Bank to exercise its right of first offer and step forward as the purchaser.

Result

• Sale price of $2,684,000, matching the full asking price
• $700 per square foot achieved on a 3,834 SF single-tenant retail asset
• Multiple buyers engaged through the marketing process
• Property ultimately purchased by the tenant through its right of first offer
• Our team represented the seller throughout the transaction