Stevens Center Business Park

 Richland, WA

Asking Price


Cap Rate




5.5 Years


Avg HHI (10 miles)



Square Feet

468,374 SF

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  • Six Building Office Portfolio / U.S. Government Anchored – The Property consists of 6 Office Buildings leased to 5 different tenants.  One of the tenants is the U.S. Department of Energy who has been a tenant here for over 12 years.  The U.S. Government carries an investment-grade credit rating of AA+ by Standard & Poor's and Aaa by Moody's.
  • Recent Renovations – These buildings are exceptionally maintained.  From 2018 to 2023, the Landlord has invested almost $6.6 million in upgrades and renovations, including roof, HVAC, parking lot, carpet, painting, security upgrades, LED lighting, and more.
  • Hanford Nuclear Reservation and Hanford Waste Treatment Plant – This 580 square mile site is approximately 30 miles north of the Stevens Center Business Park.  Most of these tenants are involved in one way or another with Hanford.  The cleanup of this site is expected to take another 70 years which should ensure the long-term viability of these tenants and the Stevens Center Business Park.
  • Long Term Tenants / Strong WALT – The other tenants include Battelle Memorial Institute - tenant here for almost 57 years; Washington River Protection Solutions - tenant here for 15 years; Bechtel National - tenant here for 13 years; and Central Plateau Cleanup Company - tenant here for 8 years.  That's an average of over 21 years between these tenants.  They currently have a Weighted Average Lease Term remaining of just under 5.5 Years.
  • Manageable Rents / Pricing / Potential Upside – The average occupied rent is very reasonable at just under $20 PSF.  Market rents are estimated to be closer to $28 PSF.  The portfolio is priced at $123 PSF, well below replacement cost.  Additionally, by leasing up the remaining vacant space, reduced by a 5% vacancy factor, would increase the cap rate to 9.4% at the asking price.  The tax values are also significantly higher and could be appealed in order to lower that expense and increase the NOI further.

Exclusively Listed By

Chris Howard

Assistant Manager of Investment Analysts      678.654.5652

In Association With

Kevin Adatto 

WA Lic #21038208

Co-Listing Team

Jay Belk

Federal National Finance Corporation      720.289.3803

Jeremy Belk

Federal National Finance Corporation      303.590.5386

Debt & Equity Team

Emily Zarcaro, CCIM

Vice President Debt & Equity      713.871.5815



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