Case Study: Dicks Restaurant Supply – Bellevue, WA

In 2022, we acquired a highly visible 5,400 SF retail asset strategically located near Bellevue’s Spring District, one of the fastest-growing urban hubs on the Eastside. The property, leased to Dicks Restaurant Supply, presented an opportunity to secure a long-term, creditworthy tenant in a rapidly appreciating submarket.

INVESTMENT SNAPSHOT

Phase: In Progress

Location: Bellevue

Property Type: Retail

Size: 5400 SF

Acquisition Date: 2022

Purchase Price: $2,400,000

Equity Raised: $2,500,000

Sale Price:  n/a

Sale Date: n/a

Strategy: Core

INVESTMENT THESIS

Long-Term Stability: Immediately following acquisition, the existing 17-year lease was successfully extended for an additional 10 years, ensuring cash flow stability through 2032.

Location-Driven Growth: Positioned adjacent to the Bellevue Spring District—an emerging mixed-use innovation hub—this location benefits from significant surrounding investment, new Class A office development, residential projects, and robust job growth led by major tech employers.

Tenant Credit and Operations: Dicks Restaurant Supply is a regionally established and financially stable operator, providing essential services to the restaurant and hospitality sectors, further de-risking the investment.

Core Strategy Focus: This asset exemplifies our "Core" investment strategy—targeting high-quality locations with long-term leases to strong operators, resulting in predictable income streams and upside potential through organic rent growth.

CURRENT STATUS

Asset Management: Minimal management required due to the single-tenant, NNN lease structure.

Market Position: Surrounding property values and rental rates continue to rise, driven by demand spillover from the Spring District, Amazon’s eastside expansion,

Exit Potential: Although this investment is structured as a long-term hold, future optionality includes refinance or sale into a stabilized NNN investment market where cap rates are anticipated to compress further.