Tumwater Shops

Property Overview

Tumwater Shops is a 16,962 SF, six-tenant unanchored retail center built in 2016 at 704 Trosper Rd SW in Tumwater, Washington. Tenants include T-Mobile, Mud Bay, Indigo MultiCare, Tranquility Dental, Little Caesars, and Nail Creations, occupying 100% of the center. The property sits just off Interstate 5 exit 102 along Tumwater's primary retail corridor, with 108,000 vehicles per day passing the interchange and 27,760 vehicles per day on Trosper Road.

Challenge

Our team was engaged by the original developer of Tumwater Shops to sell the property. The assignment required delivering a fully occupied, well-maintained retail center to the market while addressing a lease situation with T-Mobile that needed to be resolved before a sale could be positioned cleanly for investors. Finding the right buyer also meant identifying a party capable of completing a 1031 exchange on a timeline aligned with the transaction.

Action

We represented the seller through the full disposition process. Prior to marketing, we negotiated a lease extension with T-Mobile, strengthening the tenancy profile and providing prospective buyers with greater lease term certainty across the rent roll. The marketing materials highlighted the property's 100% occupancy, contracted rent increases built into every lease, newer 2016 construction, and its location within a dense national retail corridor anchored by Fred Meyer, Costco, Walmart, and The Home Depot. We identified a buyer completing a 1031 exchange and guided both parties through the transaction to a successful close.

Result

• Sold for $8,100,000, or $478 per square foot
• 100% occupancy maintained through closing, with six tenants in place
• Negotiated a T-Mobile lease extension prior to sale, strengthening the investment profile for the buyer
• Completed the transaction for a 1031 exchange buyer, meeting their replacement property requirements