Pure NNN Leased Investment Opportunity

Investment Overview

THIS OFFERING is for the opportunity to purchase a commercial condominium with a true triple-net lease providing for a passive landlord experience with minimal landlord responsibilities. Leased by SMG Media – Yakima, LLC, a subsidiary of Stephens Media Group, a multi-market radio broadcasting operator who the space was originally built-to-suit for from grey shell condition, which operates numerous popular radio stations in the Yakima County market area. Located in the heart of the vibrant downtown corridor on the ground floor corner of the Lofts Condominium building, which has professional and retail condos on the ground floor and residential condos on the 2nd and 3rd floors.

Investment Highlights

• Pure triple-net lease providing minimal landlord responsibilities with tenant responsible for roof, structural and HVAC repairs and replacement.
• Prime location in the heart of downtown and located within the popular mixed-use Lofts
• Condominium building with retail/office on the main floor and residential on the upper levels.
• Long-term tenant who originally remodeled the building with their own capital and is a significant regional radio station operator.
• Significant upside with scheduled CPI increase at renewal (lease has been flat since commencement in January of 2018).
• The building was fully remodeled on a build-to-suit basis in 2017 from grey shell with first-class finishes and a strong floor plan.
• Strong floor plan with high ceilings, exposed beams and extensive use of glass sidelights throughout.
• Significant barriers to relocation exist for the tenant, including necessary line of site to broadcast antennas.