8219 NE Vancouver Mall Dr Vancouver, WA 98662
Red Lobster Retail Sale in Washington (Exchange Client)
SOLD: $4,750,000 CAP RATE: 6.31% PRICE PER SQUARE FOOT: $510
We are pleased to announce the sale of the Red Lobster located at 8219 NE Vancouver Mall Dr in Vancouver Washington. The property sold at a 6.31% cap rate to an exchange client who significantly improved his position increasing his net monthly cash flow by almost 50%. The buyer completed this purchase through a 1031 Exchange securing a stronger long term passive income stream.
The asset is backed by an absolute NNN lease with zero landlord responsibilities making it an ideal hands off investment. The property sits on a 70,000 square foot lot immediately adjacent to Vancouver Mall and benefits from a high visibility corner with more than 69,000 vehicles passing daily.
The tenant has 14 years of lease term remaining with 2% annual increases providing consistent predictable income and built in rent growth. The building underwent a full renovation in 2012 resulting in a modern well maintained property with strong curb appeal and long term operational stability.
This sale highlights ongoing investor demand for quality absolute NNN assets in high traffic retail corridors and reflects a substantial upgrade for our exchange client. Broker of Record Adam Slutzsky.
Investment Highlights
Sold at a 6.31% Cap Rate
Buyer completed purchase through a 1031 Exchange
Absolute NNN Lease – Zero Landlord Responsibilities
70,000 SF Lot Adjacent to Vancouver Mall
High-visibility corner with 69,000+ vehicles passing daily
14 years of lease term remaining with 2% annual increases
Renovated in 2012 – Modern, well-maintained property
Broker of Record: Adam Slutzsky
Exclusively Listed & Sold By:
David Saghian
(310) 401-1559
dsaghian@lyonstahl.com