Assignment
Pacific Real Estate Partners’ Investment Team was awarded the exclusive listing to sell this 80,891 SF retail center located in Tacoma, Washington. The property was 92% leased and 82% occupied as marketing commenced.
Objective
The goal was to sell the upside potential of a property located in a market with significantly improving market fundamentals and 18% of square footage available for lease.
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Challenges
Lincoln Plaza was an unanchored center with a key tenant space dark and the largest vacant space available on the market for over a year. The three buildings are separated by a public street and the buildings and property required significant capital improvements.
Results
The bid process resulted in three strong contenders who priced the asset recognizing its upside potential. The seller was very pleased with the process and the ultimate pricing.
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