Northmarq announces $12.9M sale of 36,578-sq.-ft. neighborhood retail center in Tacoma, WA

SEATTLE (June 13, 2024) — Northmarq’s Pacific Northwest Commercial Investment Sales team of Sean Tufts, Kevin Adatto and Joe Dugoni has completed the $12.9 million sale of Westgate South Shopping Center, a neighborhood retail center in the growing Tacoma, Wash., for the second time in three years. The property features 36,578 sq. ft. and a diverse mix of national and local tenants, including a freestanding Comfort Dental, and is shadow anchored by Safeway, Big Lots and Planet Fitness.

Northmarq represented the seller, a Los Angeles-based private real estate investment fund. The buyer was a Dallas-based private real estate investment and development firm.

“Our involvement with Westgate South spans nearly two decades and multiple sales including this $12.9 million disposition,” said Tufts. “We’re thrilled to have helped a great client execute the full strategy, and we’re excited for the new buyer to continue to expand their portfolio in the Northwest.”

Built in 1987, Westgate South consists of retail, medical, personal services and fast casual dining options, such as Comfort Dental, L&L Hawaiian Barbecue and Club Pilates. The property is comprised of five separately parceled buildings, including a freestanding Comfort Dental along with three multitenant retail buildings that have recently signed leases with approximately 30% of rentable area. Over 40% of the tenancy has occupied the property for over 10 years.

The center boasts excellent visibility at the hard corner of N. Pearl Street and N. 26th Street (23,000 VPD) and direct connectivity to Highway 16. It’s also just three miles south of Point Defiance Park and Point Defiance Zoo & Aquarium, which draws over 700,000 visitors per year.