Northmarq’s Pacific Northwest Investment Sales team has arranged the sale of Canyon Ridge Plaza, a multi-tenant retail community center in Kent, Washington. Led by Sean Tufts, Kevin Adatto, Joe Dugoni, and Jack Hallberg, the team completed the $19 million disposition of the property on behalf of the selling interests. The center totals 86,909 square feet and is located at 26015 104th Ave. SE, positioning it within an established retail corridor in Kent.
The buyer, Kimco Realty, acquired the property as institutional investors continue to target shopping centers despite broader headwinds in the commercial real estate market. According to Tufts, shopping centers remain among the most sought-after asset classes in the sector, with institutional capital still committing to the space even in a challenging environment. He also noted that centers featuring a strong roster of off-price and value-focused retailers sit at the top of investor demand.
Canyon Ridge Plaza is shadow-anchored by a corporate-owned Target, which helps draw regional traffic to the site. The tenant mix at the community center includes a range of national retailers, such as Ross Dress for Less, Old Navy, Petco, Bath & Body Works, and Verizon Wireless. This combination of off-price apparel, pet supplies, specialty retail, and wireless services supports a diversified lineup of daily-needs and discretionary spending categories.
The property is reported to be 94% leased, reflecting strong occupancy levels at the time of sale. Since January 2025, six tenants have executed either new leases or long-term lease extensions at Canyon Ridge Plaza, underscoring ongoing retailer commitment to the location. Among these, Ross Dress for Less completed a 10-year renewal, signaling a long-term occupancy decision by one of the center’s key tenants.
Additional retail momentum has emerged in the immediate area around the property. Burlington, TJ Maxx, and Harbor Freight have recently opened adjacent to Canyon Ridge Plaza, adding more off-price and value-oriented retail options to the surrounding trade area. This concentration of complementary retailers further reinforces the submarket’s positioning as a hub for discount and value-focused shopping and contributes to the center’s appeal for institutional buyers such as Kimco Realty.
