San Diego-based property firm Retail Opportunity Investments Corporation has acquired Highland Hill Shopping Center in Tacoma.
ROIC announced in late April that it had a contract to acquire the complex, anchored by a 54,000-square-foot Safeway, for $47.4 million. The 164,000-square-foot shopping center is currently 96 percent leased, with LA Fitness, Petco, Dollar Tree, Panda Express and Subway among the tenants. Permits posted with Pierce County yesterday confirmed the transaction; a release from ROIC confirmed it has no plans to modify Highland Hill’s current tenancy.
Located at 5907-6201 Sixth Ave. on the corner of Sixth and Pearl Street, the shopping center was originally built in 1955. Its most recent large-scale renovation wrapped up in 2008, when the 43,000-square-feet LA Fitness health club was added to the property.
ROIC has been assertive both in closing and pursuing grocery-anchored shopping centers in 2017. Highland Hill is the second retail property in Washington (and the fifth in the West Coast) that ROIC has finalized acquisition of this year; the firm also recently completed the acquisition of a 34,000-square-foot complex in Edmonds during the first quarter, and currently has a contract to add a 108,000-square-foot property in Vancouver.