Value Village - Kent

Property Overview

Value Village in Kent, Washington is a 28,700 SF single-tenant net-leased retail property located within the Old Orchard Shopping Center at 24034 104th Avenue SE. Built in 1977, the property sits on a 2.47-acre lot along a high-traffic arterial with more than 30,000 vehicles per day passing the site. Value Village (Savers, NYSE: SVV), the largest for-profit thrift retailer in North America, has operated at this location for more than 20 years.

Challenge

Our team was engaged by the seller to market and sell a single-tenant net-leased retail property occupied by Value Village in Kent, Washington. The primary complication was a short remaining lease term, which narrowed the pool of conventional investment buyers who typically require longer lease security. Finding a buyer willing to underwrite the tenancy and the location required a targeted approach.

Action

We positioned the property around its strengths: a proven long-term tenant that had recently exercised a three-year extension securing its lease through December 2028, a dense retail submarket with over 247,000 residents within five miles, and strong frontage visibility along 104th Avenue SE. The offering was structured as a debt-free transaction, giving buyers the flexibility to purchase all-cash or arrange new financing. Our outreach targeted both traditional net-lease investors and owner-users, recognizing that the junior box anchor format within a larger shopping center had appeal beyond the standard investment buyer profile. The campaign generated multiple offers.

Result

• Sale closed in December 2025 at $4,350,000 ($148/SF)
• 7.92% Year 1 cap rate at close
• Property was 100% occupied at the time of sale
• Multiple offers received, providing the seller with competitive options
• Buyer was an owner-user, demonstrating the breadth of the buyer pool our marketing reached