NRIG-West Completes Tacoma Retail Center Deal
- May 27, 2016
Tacoma, Wash.–Lincoln Plaza, a community shopping center in Tacoma, was recently sold by PASSCO Cos. to a local privately-held partnership. Worth about $26.7 million, the deal was arranged by a National Retail Investment Group – West team led by CBRE Executive Vice President Philip Voorhees.
Located within the city’s retail hub at the northwest corner of S. Steele Street and S. 38th Street, Lincoln Plaza is an 80,922-square-foot unanchored neighborhood retail property. Currently operating at roughly 95 percent occupancy, the asset has a tenant roster that includes names such as Jared The Galleria of Jewelry, Men’s Warehouse, Skechers, Starbucks, Wingstop, Sprint and Big 5.
Built in 1988, the asset stands on a 7.5-acre lot located in the proximity of the I-5 and Tacoma Mall. The transaction is indicative of current market conditions, as the gap between cap rates and interest rates widens, prices for assets like Lincoln Plaza go up. “We are enjoying a rare market that presents exceptional opportunities for seller and buyers using modest leverage,” Voorhees pointed out in a prepared statement. The per-square-foot price of $330 for a property of this kind is indicative of Voorhees’ remarks.
The NRIG-West team that handled the transaction consisted of Voorhees, Brad Rable, Megan Wood, Matt Burson, Jimmy Slusher, Todd Goodman and Preston Fetrow. The representatives partnered with Dino Christophilis of CBRE’s Seattle office to finalize the deal.
Image courtesy of PASSCO Cos.