Lincoln Plaza, an 80,992 sq. ft. community shopping center near Tacoma Mall, has been purchased by a privately-held real estate partnership based in the Pacific Northwest for $26.7 million.
The property, 95 percent occupied at the time of sale, is at the corner of 38th Street W. and South Steele Street, hosts Big 5 Sports, Jared the Galleria of Jewelry, Men’s Wearhouse, Skechers, Starbucks and others.
“At $330 per square foot, Lincoln Plaza sets a high water mark for an unanchored center of its size in the Pacific Northwest,” said CBRE Executive Vice President Philip D. Voorhees, who with National Retail Investment Group=West. represented the seller, PASSCO Companies LLC of Orange County, Calif.
“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,” added the broker.
Brad Rable, another CBRE specialist involved with the transaction, said, “Lincoln Plaza provided an appealing combination of stable income with immediate upside potential. 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.”
Built in 1988, Lincoln Plaza is situated on a 7.52-acre site within Tacoma’s “retail hun” just west of the I-5 freeway and less than one mile north of Tacoma Mall.