Tacoma Place Sells for Nearly $27M

TACOMA, WA-The 232,767-sf Tacoma Place retail center sold last week for $26.5 million, according to Colliers International, which brokered the transaction. The seller was PO’B Apollo Tacoma LP, an affiliate of Dallas-based PO’B Montgomery. The new owner is an undisclosed “private investor” from the Seattle area.Tacoma Place is located at the intersection of Interstate 5 and South 72nd Street. The center is co-anchored by Gart Sports and Furniture Factory Direct. Other tenants include Olive Garden, Red Lobster, Applebees, Shari’s Restaurant, Dairy Queen, Starbucks, Radio Shack, Regis, CitiFinancial, and Popeye’s Chicken.Tacoma Place is an infill asset that benefits from 1,600 feet of frontage along I-5, making it one of the most visible shopping centers in the Seattle region. It was sold on an as-is basis, according to Colliers. There is currently 16,000 sf of vacant retail space in the development. Paul Sleeth, the Colliers broker in the transaction, could not be reached Monday for comment.Tacoma Place was one of 19 community shopping centers Aegis Realty agreed to purchase from PO’B in December 2000. In August 2001, after spending $1.7 million related to completing the transaction, New York City-based Aegis paid another $350,000 to terminate the deal. Shortly thereafter, Aegis began shopping its 3.1-million-sf portfolio and ultimately was acquired by a subsidiary of privately held Phillip Edison in early 2003.