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February 24, 2020
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Single-Tenant Retail Asset in Kingston, WA Sells for $6 Mil


A single-tenant, 17.3k sf freestanding property fully occupied by Rite Aid in Kingston, WA sold for $6 mil, or $347/sf. The property, located at 27000 Miller Bay Road NE, features a corporate guaranteed triple-net lease by Rite Aid Corporation with nine years remaining.

Built in 2007, the property is situated on 2.16 acres and includes a drive-thru. It is well-located at a signalized intersection of Miller Bay Road NE and State Route 104.

The buyer was a California-based family investment entity. Ryan Tomkins with SRS’ National Net Lease Group represented the seller, a U.S.-based investment fund.

“This property offers the buyer a strong retail brand adjacent to an Albertsons-anchored retail center in a market where barriers to entry are very high,” said Tomkins. “Additionally, this Rite Aid is one of only two pharmacies within a large radius, making it a successful location for Rite Aid.”

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