Business

High-profile Tacoma shopping center sold for just under $30M

It’s a shopping center well-known to drivers along state Route 16 or anyone traveling on South Union Avenue in Tacoma.

Tacoma Central, a shopping complex whose property includes Shari’s, Little Caesars Pizza, Bertolino Brothers Coffee Bar, PetSmart, Dollar Tree and TJ Maxx, among other retailers, has sold for just under $30 million.

The sale closed Sept. 18.

“Utilizing our longstanding relationships, we sourced a private Midwest investor with local ties to the region to make this transaction possible,” said Kevin Adatto, a Partner at Capital Pacific and one of the brokers involved in the deal.

The new owner, Bianco Properties of St. Louis, also owns Rainier Place Shopping Center in Tacoma (site of REI, among other retailers) and the Alderwood Crossing Shopping Center in Lynwood, according to Lauren Krison of Capital Pacific, whose brokers represented both the buyer and the seller, Kimco Realty of New York, in the deal.

Krison told The News Tribune via email on Friday that “there are no planned changes to the center as it was stabilized, 97 percent occupied, at the time of the sale.”

Target and Hobby Lobby, parcels near or adjacent to the site, were not part of the transaction, according to county documents on file.

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