Zeeks Pizza

Property Overview

Zeeks Pizza is a 2,774 SF single-tenant NNN condo investment property located at 2525 NE Park Dr in the Issaquah Highlands, Issaquah, WA. Built in 2007, the property has been continuously occupied by Zeeks Pizza since construction. The lease features 2.75% annual rent increases throughout the initial term and option periods, with over 6.5 years remaining on the initial term and two 5-year options.

Challenge

Our team was engaged to represent both the buyer and the seller in the sale of a single-tenant NNN condo property in the Issaquah Highlands. The buyer required a suitable replacement property to complete a 1031 exchange, which introduced timing considerations and meant the transaction needed to move with precision. Structuring a deal that satisfied both sides while meeting the exchange requirements called for careful coordination throughout.

Action

Erik and Mike managed the transaction from both sides, maintaining clear communication with the buyer and seller to keep the process on track. Our focus was on presenting the property's durable income characteristics — the long-term lease, embedded annual rent escalations, and the strength of the Eastside location — to support the buyer's underwriting and facilitate a clean close. Representing both parties allowed us to manage negotiations directly and reduce friction between the two sides.

Result

• Sale price of $1,780,000, or $642 per SF
• Buyer successfully completed a 1031 exchange acquisition
• Our team represented both the buyer and the seller
• Single-tenant NNN structure provided the buyer with a passive, low-management asset in a high-income Eastside submarket