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$4.2m Retail Center and Land Sale, Tacoma WA February 9, 2010

Posted by Sean Tufts in Retail Sales Comps, Sale.
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NWR Realty has just closed on the sale of two parcels on 6th Ave & Orchard in Tacoma, WA just East of Hwy 16.  The property is improved with a 10,000sf retail center built in 2006 with Pizza Hut & Cutters Point Coffee and sits in the Kmart parking lot.

The retail portion was roughly 35% vacant at the time of sale.  The other building on site will be demolished and replaced by two fast food restaurants.  NWR is a local Sonic Drive-In operator and will develop a free-standing Sonic and yet-to-be-named restaurant on the excess land.  The retail center parcel sold for $2.5m or $239/sf.

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