Hop Jack's & Inspire Physical Therapy

Property Overview

Lacey Crossroads Hop Jack's is a 3,606 SF freestanding retail building located at 4739 Avery Ln SE in Lacey, WA, built in 2007. The property is occupied by Hop Jack's Restaurant on a triple net lease with minimal landlord responsibilities, 2% annual rent increases, and 10 years of options following the initial term. The site sits within Lacey Crossroads, shadow anchored by a 160,000 SF Lowe's Home Improvement Store and surrounded by national and regional tenants including Taco Bell, Starbucks, Mud Bay, and Inspire Physical Therapy.

Challenge

Our team was engaged to sell this asset as part of a larger portfolio disposition. The assignment required identifying a buyer who could underwrite a single-tenant restaurant investment and move through the transaction efficiently. The buyer needed to complete a 1031 exchange, adding a layer of timing sensitivity to the process.

Action

We brought the property to market as a standalone net lease investment, positioning the Hop Jack's tenancy around the brand's demonstrated growth — 18 locations opened since 2009, 15 of them in Washington State. Our marketing emphasized the passive income profile of the NNN lease structure, the built-in inflation protection from annual rent escalations, and the long-term optionality provided by the lease's option periods. We targeted buyers seeking low-management retail assets and coordinated the sale to accommodate the buyer's 1031 exchange requirements.

Result

• Sold for $3,050,000, or $846 per SF
• Successfully accommodated the buyer's 1031 exchange
• Completed as part of a broader portfolio disposition for the seller
• Delivered a passive, triple net leased asset with long-term lease optionality to the buyer