By Meghan Hall
About 25 minutes south of downtown Seattle, the suburb of Renton is slowly capturing the interest of property investors for commercial and residential properties alike. Its location at the southern edge of Lake Washington combined with the region’s growing tech sector, a burgeoning industrial market and a growing demand for housing have made Renton attractive to those such as Oak Brook, Il.-based RPAI, who purchased the North Benson Plaza for $25.34 million in March, according to King County public records.
The seller of the property was Pacific, Wash.-based Trimark Property Group, a local real estate company whose holdings include a mix of retail, commercial and multi-family investment properties throughout the region.
The retail plaza, located at. 17605-17901 108th Ave. SE., was built in 1991 and totals 13,528 square feet. However, according to King County assessor parcel data, the lot area of the site is 157,868 square feet. The plaza itself is currently home to a 7-Eleven, Subway, Metro by T-Mobile, Romio’s Pizza & Pasta, among other small local retailers. The property sits along a more commercial part of 108th Ave. SE.; a shopping center anchored by Starbucks and a Fred Meyer sits just across the street. Downtown Renton is about ten minutes away by car, and the plaza is easily accessible via State Route 167 and Interstate 405.
Like Trimark, RPAI also aims to acquire, own, operate and expand high quality, retail-driven assets, according to its website. The firm has regional offices around the United States, including one in Renton and one in Lakewood, Wash. In its Full Year 2018 Financial and Operating Results, the company reported that its retail portfolio occupancy reached 93.8 percent, up from 92.1 percent in September 2018. RPAI also completed more than one million square feet of retail leasing transactions throughout the year.