The Rock - Kennewick

Property Overview

The Rock Wood Fired Kitchen is a single-tenant, build-to-suit restaurant located at 4862 W Hildebrand Blvd in Kennewick, Washington. Built in 2014, the 8,071 SF building features two floors of dining, full bars on each level, an outdoor patio, and a second-floor deck. The property sits on a signalized hard corner at the intersection of Hildebrand Avenue and Highway 395, with average daily traffic counts exceeding 14,000 vehicles (WSDOT). Nearby retailers include Walmart, Walgreens, Petco, and REI.

Challenge

Our team was engaged to represent a buyer completing a 1031 exchange who needed to identify and acquire a suitable replacement property. The assignment called for a single-tenant net-leased asset with long-term lease security, minimal landlord obligations, and a strong underlying tenant. The buyer required a property that would support passive income and satisfy the requirements of the exchange.

Action

We identified The Rock Wood Fired Kitchen as a strong fit for the buyer's criteria. The property offered an absolute net lease structure with 18-plus years of primary term remaining and four 5-year renewal options, meaning the tenant is responsible for utilities, insurance, and property taxes with no landlord administration required. The tenant, The Rock Wood Fired Kitchen, is a well-established Northwest brand that first opened in Tacoma in 1995 and has made significant investments in the build-out of this location. We guided the buyer through due diligence and negotiated the transaction through to close.

Result

• Sale price: $3,080,000 ($382 per SF)
• 100% occupancy at the time of sale
• Absolute net lease with 18-plus years of primary term remaining and four 5-year renewal options
• Zero landlord responsibilities — tenant pays utilities, insurance, and property taxes directly
• Successfully completed as a 1031 exchange acquisition for the buyer