The 87,062-sf facility was bought from Terranomics Rainier Partners for roughly $13.2 million. In the winter of 2001 the Bianco acquired the 69,432 square foot Lynnwood Plaza Shopping Center (aka World Lighting Plaza) in Lynnwood, WA from Center Trust, Inc.
"Rainier Place is another strong retail investment for our company in the Puget Sound region," says Daniel Wolk, Vice President of Bianco Properties, responsible for the company's acquisitions. "We have been very interested in complimenting our retail investment in Lynnwood with additional commercial properties in the Puget Sound region and the acquisition of Rainier Place has provided us that opportunity...We hope that these investments will act as catalyst in purchasing other quality investment properties in the coming months in both the Seattle & St. Louis metropolitan areas "
Rainier Place is located at the primary entrance to the Tacoma Mall regional shopping center. The center contains a mix of national, regional and local tenants including Petco, Kinko's and Factory 2U.
Bianco Properties and its investors own about 1500 apartment units in the metropolitan areas of Seattle, St. Louis and Tulsa. The portfolio contains 23 properties with nearly 2,100,000 sf of building area and includes eight apartment complexes ranging in size from 50 to 450 units, as well as more than 900,000 sf of commercial, industrial, and office space including eight shopping centers ranging in size from 18,000 to 135,000 sf and an office warehouse campus of more than 280,000 sf. The total value of the real estate assets currently owned exceeds $150,000,000.
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