Surprise Lake Square

Retail: Neighborhood Center (Grocery Anchored)

900 Meridian Ave E, MiltonWA 98354

Property Details

Location

Address
900 Meridian Ave E, MiltonWA 98354
County
Pierce
Submarket
CBA Milton
Parcels
0420048025, 0420048027, 0420048026
Center/Park Name
Surprise Lake Square

Building Size

Building Size
126,609 SF

Building Details

Type
 Retail: Neighborhood Center (Grocery Anchored)
Number of Buildings
5
Occupancy Type
Multi-tenant
Percent Occupied
84.6%
Building Class
Building Status
Existing
Floors
1
Year Built
1984
Year Renovated
2022
Sprinklers
Parking Ratio

Land & Utilities

Land (Acres)
12.38 Acres
Land (SF)
539,079 SF
Zoning
C-2
Lot Depth
Lot Width

Contacts

Current Listings

Surprise Lake Square

126,609 SF
Newmark

Property Highlights:

• Grocery and drug anchored with strong sales

• The anchor and shop rents are below market

• Rite Aid, Grocery Outlet, Dollar Tree are all nationally recognized tenants providing draw to the center

• The WALT is 6.15 years including long-term leases with the largest tenants Grocery Outlet, Dollar Tree and Edgewood Vet Clinic

• The Center has a compound annual growth rate of 4.07% over the initial 11-year hold

• All leases contain contracted rental increases providing strong contracted NOI growth

Newmark

Property Highlights:

• Grocery and drug anchored with strong sales

• The anchor and shop rents are below market

• Rite Aid, Grocery Outlet, Dollar Tree are all nationally recognized tenants providing draw to the center

• The WALT is 6.15 years including long-term leases with the largest tenants Grocery Outlet, Dollar Tree and Edgewood Vet Clinic

• The Center has a compound annual growth rate of 4.07% over the initial 11-year hold

• All leases contain contracted rental increases providing strong contracted NOI growth

View Details
View Details

Surprise Lake Square

704 SF $32.00 Annual/SF
First Western Properties - Tacoma, Inc.

• Great freestanding pad opportunities available, one with a drive-thru

opportunity

• Ample parking at 5/1,000

First Western Properties - Tacoma, Inc.

• Great freestanding pad opportunities available, one with a drive-thru

opportunity

• Ample parking at 5/1,000

View Details
View Details

Surprise Lake Square

1,086 SF $30.00 Annual/SF
First Western Properties - Tacoma, Inc.

• Great freestanding pad opportunities available, one with a drive-thru

opportunity

• Ample parking at 5/1,000

First Western Properties - Tacoma, Inc.

• Great freestanding pad opportunities available, one with a drive-thru

opportunity

• Ample parking at 5/1,000

View Details
View Details

Surprise Lake Square

1,114 SF $30.00 Annual/SF
First Western Properties - Tacoma, Inc.

• Great freestanding pad opportunities available, one with a drive-thru

opportunity

• Ample parking at 5/1,000

First Western Properties - Tacoma, Inc.

• Great freestanding pad opportunities available, one with a drive-thru

opportunity

• Ample parking at 5/1,000

View Details
View Details

Surprise Lake Square

1,400 SF $30.00 Annual/SF
First Western Properties - Tacoma, Inc.

• Great freestanding pad opportunities available, one with a drive-thru

opportunity

• Ample parking at 5/1,000

First Western Properties - Tacoma, Inc.

• Great freestanding pad opportunities available, one with a drive-thru

opportunity

• Ample parking at 5/1,000

View Details
View Details

Surprise Lake Square- Free Standing Building

8,500 SF $24.00 Annual/SF
First Western Properties - Tacoma, Inc.

Free Standing Building

• Great freestanding pad opportunities available, one with a drive-thru

opportunity

• Ample parking at 5/1,000

First Western Properties - Tacoma, Inc.

Free Standing Building

• Great freestanding pad opportunities available, one with a drive-thru

opportunity

• Ample parking at 5/1,000

View Details
View Details

Surprise Lake Square- Under Construction

3,296 SF $48.00 Annual/SF
First Western Properties - Tacoma, Inc.

NOW UNDER CONSTRUCTION

• Great freestanding pad opportunities available, one with a drive-thru

opportunity

• Ample parking at 5/1,000

First Western Properties - Tacoma, Inc.

NOW UNDER CONSTRUCTION

• Great freestanding pad opportunities available, one with a drive-thru

opportunity

• Ample parking at 5/1,000

View Details
View Details

Surprise Lake Square- Restaurant Pad w/Drive Thru

3,392 SF $35.00 Annual/SF
First Western Properties - Tacoma, Inc.

Restaurant Pad w/ Drive-Thru

• Great freestanding pad opportunities available, one with a drive-thru

opportunity

• Ample parking at 5/1,000

First Western Properties - Tacoma, Inc.

Restaurant Pad w/ Drive-Thru

• Great freestanding pad opportunities available, one with a drive-thru

opportunity

• Ample parking at 5/1,000

View Details
View Details

Commercial Location Score (CLS) is a scoring system developed by Moody's Analytics to help commercial real estate professionals gain a quick understanding of the major factors that affect the value of a location. It's designed as a means to consistently evaluate a location's suitability/desirability for a particular use based on a number of factors.

CBA

Source: Commercial Brokers Association (CBA)

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