Walmart Retail Center

Property Overview

The Walmart Retail Center is a 9,197 SF multi-tenant retail building situated on a pad site adjacent to a Walmart Supercenter at 16420 Meridian E in Puyallup, Washington, approximately 40 miles south of Seattle. Built in 2007, the property is 100% leased on a triple net basis to four tenants: Popeye's Chicken Drive Thru, Verizon Wireless (Go Wireless Inc.), Domino's Pizza, and Comfort Dental. The center sits at a signalized corner with multiple ingress and egress points from Meridian Avenue East and 168th Street East, with traffic counts exceeding 40,000 vehicles per day on State Route 161.

Challenge

Our team was engaged to sell a fully occupied, multi-tenant retail pad site that the seller had originally acquired at auction. The assignment required identifying a buyer who could recognize the asset's stable income profile and location fundamentals and move forward with confidence on a property with an auction-purchase history, which can introduce additional buyer scrutiny during due diligence.

Action

We brought the property to market at $4,295,000, positioning it around its 100% occupancy, long-tenured tenant roster, and the strength of its Walmart Supercenter adjacency. The marketing highlighted that 78% of the in-place gross leasable area had been occupied since 2012, with no lease expirations before May 2022, providing near-term income certainty. We targeted buyers seeking a stabilized, low-management triple net asset in a non-income-tax state, including those evaluating the property for a 1031 exchange. Our outreach identified a local buyer who was well-positioned to close the transaction.

Result

• Sold at the full asking price of $4,295,000, or $467 per SF
• Property was 100% occupied at close with four tenants on triple net leases
• Buyer was a local investor sourced through our marketing process
• All four tenants, including Popeye's Chicken Drive Thru, Verizon Wireless (Go Wireless Inc.), Domino's Pizza, and Comfort Dental, remained in place through closing