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3-Tenant Ross/Home Goods/Planet Fitness 9520 N Newport Hwy
74,000 SF 90% Leased Retail Building Spokane, WA 99218 £12,976,934 (£175/SF) 6.50% Net Initial Yield
Investment Highlights
- 100% of the Income Stream Is From National Tenants – HomeGoods, Ross Dress for Less, Planet Fitness
- Value Add With NOI Upside
- Well Below Replacement & Below Market Rents | $175 PSF
- 10-Yrs Corporate Executed Leases / Growing Income Stream
- Ease of Management & 100% Leased
- New 2023 Store Front Façade & Interior Buildouts
Executive Summary
Faris Lee Investments is pleased to offer for sale a 3-tenant, corporate guaranteed, NNN leased property commonly referenced as Spokane Center in Spokane, Washington, with 100% of the income stream coming from strong national credit tenants. All three tenants signed brand-new long-term leases in 2023, plus multiple options to extend the term. Additionally, each lease includes rental increases throughout the term which aids hedging against inflation while increasing the return on investment. All the leases are NNN, making the tenants responsible for all expenses associated with the property, and providing the landlord with minimal responsibilities. For a future value-add opportunity, an owner would potentially be able to build a new 7,500 SF building currently entitled with a signed lease for 5,000 sf @ $28 psf/yr and/or rent out an existing and demised space of 13,310 SF
HomeGoods, Planet Fitness, and Ross Dress for Less all feature corporate-backed leases. Each tenant features high-grade credit ratings as they are each established brands in their respective industries – HomeGoods has over 900 stores, Ross has over 1,700 stores, and Planet Fitness has over 2,000 locations.
The subject property is strategically located in Spokane, Washington, the second-largest city in Washington, with a population of over 200,000. Target is adjacent to the property with Dick’s Sporting Goods, T.J. Maxx, Safeway, Staples, Best Buy, and PetsMart as part of the same center. This center is within close proximity to three well-regarded universities: Gonzaga University, Eastern Washington University, and Whitworth University. N. Newport Hwy provides over 31,000 vehicles per day and more than 163,000 people live within a five-mile radius.
Property Facts
Amenities
- Pylon Sign
MAJOR TENANTS Click Here to Access
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease Type
- Lease End
- Home Goods
- Retailer
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99,999 SF
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- Arts, Entertainment, and Recreation
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99,999 SF
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Jan 0000
Planet Fitness was founded in 1992, in Dover, NH. In the beginning, it operated much like every other gym in its small hometown and catered to the same small percentage of the population in the U.S. who worked out and belonged to a health club. Today, Planet Fitness has become one of the largest and fastest-growing franchisors and operators of fitness centers in the United States by number of members and locations. With more than 2,600 locations in 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico and Australia, Planet Fitness has continued to spread its unique mission of enhancing people’s lives by providing an affordable, high-quality fitness experience in a welcoming, non-intimidating environment.
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- Retailer
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99,999 SF
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Since 1982, Ross' focus has been on bringing their customers a constant stream of high-quality department and specialty store brands at extraordinary savings (aka bargains) while providing an easy, fun and organized shopping experience. So what’s Ross' secret? Ross is big—as the nation’s largest off-price retail chain, Ross has a great deal of purchasing power. Ross is savvy—their buyers search the globe for the best brands and latest styles. Ross works directly with manufacturers to negotiate the best deals! Ross believes in “no frills”—no window displays, mannequins, fancy fixtures or decorations in their stores so they can pass more savings on to their customers. Ross loves new buys—they keep it simple so they can get the great buys into their stores quickly, which means almost every day!
| Tenant | Industry | SF OCCUPIED | RENT/SF | Lease Type | Lease End | |
| Home Goods | Retailer | 99,999 SF | - | Lorem Ipsum | Jan 0000 | |
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Arts, Entertainment, and Recreation | 99,999 SF | - | Lorem Ipsum | Jan 0000 | |
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Retailer | 99,999 SF | - | Lorem Ipsum | Jan 0000 |
Space Availability
- Space
- Size
- Space Use
- Position
- Available
Shopko - 94,183 SF on 7.4 acres Located on the NEC of Newport Hwy & Holland Ave @ 9520 N. Newport Hwy Please Contact broker for lease rate Divisible Box - pads are separate properties Cross access to Northpointe Plaza Strong Demographics 35,000 CPD Rent - $9.50psf (expect an increase if extensiveTenant improvements required)
| Space | Size | Space Use | Position | Available |
| 1st Floor | 10,000 SF | Retail | - | Sep 2025 |
1st Floor
| Size |
| 10,000 SF |
| Space Use |
| Retail |
| Position |
| - |
| Available |
| Sep 2025 |
1st Floor
| Size | 10,000 SF |
| Space Use | Retail |
| Position | - |
| Available | Sep 2025 |
Shopko - 94,183 SF on 7.4 acres Located on the NEC of Newport Hwy & Holland Ave @ 9520 N. Newport Hwy Please Contact broker for lease rate Divisible Box - pads are separate properties Cross access to Northpointe Plaza Strong Demographics 35,000 CPD Rent - $9.50psf (expect an increase if extensiveTenant improvements required)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 36173.1340 | Improvements Assessment | £2,248,840 |
| Land Assessment | £1,781,114 | Total Assessment | £4,029,954 |
PROPERTY TAXES
Presented by
3-Tenant Ross/Home Goods/Planet Fitness | 9520 N Newport Hwy
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