Normandy Park Town Center

Property Overview

Normandy Park Town Center is a 32,000 SF unanchored retail center built in 2008, located at 19803 1st Ave S in Normandy Park, Washington. At the time of acquisition, the property was 73% occupied and offered by the lender as a distressed asset, free and clear of existing debt.

Challenge

Our team was engaged to represent the buyer in the acquisition of a lender-owned, distressed retail center. The property carried a value-add profile with meaningful vacancy, and the distressed nature of the sale introduced complexity around asset condition, tenant stability, and the path to stabilization. The assignment required identifying the right entry point and a clear plan to bring the center to its potential.

Action

Erik and Mike guided the buyer through the acquisition of the lender-owned asset, evaluating the property's existing tenant mix of local and national tenants, the triple-net lease structure, and the surrounding trade area. The three-mile radius supported roughly 33,100 residents with an average annual household income exceeding $79,000, providing a sound demand base for lease-up of the vacant space. Following the close, the Kidder Mathews leasing team was engaged to stabilize the asset, working to fill the remaining vacancy and grow rents over time.

Result

• Acquired a 32,000 SF lender-owned retail center at $4,700,000 ($147 per SF)
• Property was 73% occupied at closing, presenting clear upside through lease-up
• Triple-net lease structure in place across the majority of tenants, limiting landlord responsibilities
• Professional property management was retained, providing operational continuity for the buyer
• Kidder Mathews leasing team engaged post-close to drive stabilization