May 16, 2016
Irvine, CA-based PASSCO Companies sold Lincoln Plaza, an 80,922-square-foot community shopping center in the city of Tacoma, WA to a privately-held real estate partnership based in the Pacific Northwest for $26.7 million. Built in 1988, Lincoln Plaza encompasses a 7.52-acre site within Tacoma’s “retail hub”, and is approximately 95% occupied.
CBRE’s Philip D. Voorhees and his Orange County team of Brad Rable, Megan Wood, Matt Burson, Jimmy Slusher, Todd Goodman, Preston Fetrow, and Dino Christophilis (Seattle-based) represented the seller. The buyer represented itself.
Voorhees says, “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.”