{"id":1004144880,"date":"2016-05-27T00:26:15","date_gmt":"2016-05-27T08:26:15","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004144880"},"modified":"2022-03-03T16:20:12","modified_gmt":"2022-03-04T00:20:12","slug":"nrig-west-completes-tacoma-retail-center-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nrig-west-completes-tacoma-retail-center-deal\/","title":{"rendered":"NRIG-West Completes Tacoma Retail Center Deal"},"content":{"rendered":"

By Alex Girda<\/em><\/p>\n

Tacoma, Wash.<\/strong>\u2013Lincoln Plaza, a community shopping center in Tacoma, was recently sold by PASSCO Cos.<\/a> to a local privately-held partnership. Worth about $26.7 million, the deal was arranged by a National Retail Investment Group \u2013 West team led by CBRE<\/a> Executive Vice President Philip Voorhees.<\/p>\n

\"Lincoln<\/a>

Lincoln Plaza<\/p><\/div>\n

Located within the city\u2019s retail hub at the northwest corner of S. Steele Street and S. 38th<\/sup> Street, Lincoln Plaza is an 80,922-square-foot unanchored neighborhood retail property. Currently operating at roughly 95 percent occupancy, the asset has a tenant roster that includes names such as Jared The Galleria of Jewelry, Men\u2019s Warehouse, Skechers, Starbucks, Wingstop, Sprint and Big 5.<\/p>\n

Built in 1988, the asset stands on a 7.5-acre lot located in the proximity of the I-5 and Tacoma Mall. The transaction is indicative of current market conditions, as the gap between cap rates and interest rates widens, prices for assets like Lincoln Plaza go up. \u201cWe are enjoying a rare market that presents exceptional opportunities for seller and buyers using modest leverage,\u201d Voorhees pointed out in a prepared statement. The per-square-foot price of $330 for a property of this kind is indicative of Voorhees\u2019 remarks.<\/p>\n

The NRIG-West team that handled the transaction consisted of Voorhees, Brad Rable, Megan Wood, Matt Burson, Jimmy Slusher, Todd Goodman and Preston Fetrow. The representatives partnered with Dino Christophilis of CBRE\u2019s Seattle office to finalize the deal.<\/p>\n

Image courtesy of PASSCO Cos.<\/a>\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Given the property characteristics, the price reflects how much the Pacific Northwest has heated up. <\/p>\n","protected":false},"author":41,"featured_media":1004144881,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21742,21749,1610,15],"tags":[],"class_list":["post-1004144880","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-latest","category-retail","category-seattle","category-west"],"acf":[],"yoast_head":"\nNRIG-West Completes Tacoma Retail Center Deal - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/nrig-west-completes-tacoma-retail-center-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NRIG-West Completes Tacoma Retail Center Deal\" \/>\n<meta property=\"og:description\" content=\"Given the property characteristics, the price reflects how much the Pacific Northwest has heated up.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/nrig-west-completes-tacoma-retail-center-deal\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-05-27T08:26:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-04T00:20:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/05\/Lincoln-Plaza.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1500\" \/>\n\t<meta property=\"og:image:height\" content=\"1159\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Alex Girda\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/nrig-west-completes-tacoma-retail-center-deal\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/nrig-west-completes-tacoma-retail-center-deal\\\/\"},\"author\":{\"name\":\"Alex Girda\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/540f0253de89dedaae7684239611b81c\"},\"headline\":\"NRIG-West Completes Tacoma Retail Center Deal\",\"datePublished\":\"2016-05-27T08:26:15+00:00\",\"dateModified\":\"2022-03-04T00:20:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/nrig-west-completes-tacoma-retail-center-deal\\\/\"},\"wordCount\":248,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/nrig-west-completes-tacoma-retail-center-deal\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2016\\\/05\\\/Lincoln-Plaza.jpg\",\"articleSection\":[\"Deals\",\"Investment\",\"News\",\"Retail\",\"Seattle\",\"West\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/nrig-west-completes-tacoma-retail-center-deal\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/nrig-west-completes-tacoma-retail-center-deal\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/nrig-west-completes-tacoma-retail-center-deal\\\/\",\"name\":\"NRIG-West Completes Tacoma Retail Center Deal - 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