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5/17/16
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Lincoln Plaza, an 80.9k sf, community shopping center in the city of Tacoma, WA, recently traded hands at a price of $26.7 mil, or $330/sf. Built in 1988, Lincoln Plaza encompasses a 7.52-acre site within Tacoma’s “retail hub” at the northwest corner of S. Steele St and S. 38th St, just west of I-5, and less than one-mile north of Tacoma Mall.
Lincoln Plaza is 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. It was approximately 95% occupied at the time of sale.
Phil Voorhees, Brad Rable, Megan Wood, Matt Burson, Jimmy Slusher, Todd Goodman, and Preston Fetrow of CBRE’s National Retail Investment Group – West (NRIG-West), in partnership with Dino Christophilis of CBRE’s Seattle office, represented the seller, PASSCO Companies LLC, an Orange County-based national real estate investment firm. The buyer, a privately-held real estate partnership based in the Pacific Northwest, represented itself in this transaction.
“At $330 per square foot, Lincoln Plaza sets a high water mark for an unanchored center of its size in the Pacific Northwest. Yet, given increasing construction costs and high demand for land in the supply- constrained greater Puget Sound, Lincoln Plaza represents a fair deal relative to replacement cost,” said Voorhees.
“We love this sort of transaction: great pricing for the seller, and a buyer with the local contacts and expertise to achieve real value with the property in the years to come,” said Voorhees. “With the current historically wide spread between cap rates and interest rates, we are enjoying a rare market that presents exceptional opportunities for sellers and buyers using modest leverage.”
In 2015, the NRIG-West team was CBRE’s #1 retail investment team nationally with a total transaction volume exceeding $940 mil in 63 transactions, encompassing 88 properties, totaling more than 4 msf in size. With this closing, CBRE's NRIG-West team has closed 186 transactions since the start of 2012 for a total consideration of $3.4 bil.
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