TACOMA, WA – (RealEstateRama) — CBRE Executive Vice President Philip D. Voorhees announced today that he and the National Retail Investment Group – West (NRIG-West) team completed the sale of Lincoln Plaza, an 80,922-square-foot community shopping center in the city of Tacoma, WA, leased to a complementary mix of retail, service and restaurant tenants including Big 5, Jared The Galleria Of Jewelry, Men’s Warehouse, Skechers, Starbucks, Wingstop, Sprint and others. The sale price was $26.7 million. The property was approximately 95% occupied at the time of sale.
CBRE’s retail investment experts Voorhees, Brad Rable, Megan Wood, Matt Burson, Jimmy Slusher, Todd Goodman, and Preston Fetrow, in partnership with Dino Christophilis of CBRE’s Seattle office, represented the seller, PASSCO Companies, LLC, an Orange County, Calif.-based national real estate investment firm. The buyer, a privately-held real estate partnership based in the Pacific Northwest, represented itself in this transaction.
Built in 1988, Lincoln Plaza encompasses a 7.52-acre site within Tacoma’s “retail hub” at the NWC of S. Steele Street and S. 38th Street, just west of I-5, and less than one-mile north of Tacoma Mall.
According to Rable, “Lincoln Plaza provided an appealing combination of stable income with immediate upside potential. The property is situated within the Tacoma Mall retail hub and benefits from excellent visibility along S. 38th Street. The infill Tacoma location attracted significant private capital investor interest. Ultimately, an experienced operator with strong tenant relationships prevailed. We believe the new owner will continue to improve the tenant mix at Lincoln Plaza.”