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Investor Acquires Lowe’s Ground Lease in Kent
Northmarq closed the sale of a 10.62-acre Lowe’s ground lease located at 24050 Pacific Hwy S. in Kent, Washington.
Northmarq represented the seller, with the firm’s Pacific Northwest Investment Sales team, led by Sean Tufts, Kevin Adatto, Joe Dugoni, and Jack Hallberg, brokering the deal in collaboration with Austin Cohn of Wahl & Associates. The buyer was a private East Coast-based group, as part of a 1031 exchange.
“Our team ran a competitive process, securing multiple offers before moving forward with the group that recognized both the investment-grade tenancy and long-term upside of the low-rent ground lease,” Tufts said. “This transaction also continues the trend of out-of-market capital gravitating towards the Pacific Northwest, where new retail development is nearly impossible to pencil.”
Built in 2006, the 135,041-square-foot store sits on 10.62 acres, one block south of the Kent Des Moines Link light rail station, which opened in December 2025 as part of the Federal Way Link Extension.
