Passco Sells 81K-SF Tacoma Retail to Washington Investor

Passco Cos. of Irvine, CA has obtained $26.7 million for the 80,922-square-foot Lincoln Plaza in Tacoma, WA. The buyer was M.K. Properties of Snoqualmie, WA, which obtained $17.3 million of mortgage financing for the acquisition.

The 95%-occupied Lincoln Plaza is at 2501-2505 South 38th St. and 3702 South Fife St., near Tacoma Mall. The largest tenants are Big 5, a sporting goods retailer, Jared, Men’s Wearhouse, Starbucks and Sprint. The transaction represents the largest price-per-square-foot of an unanchored tenant of its size in the Pacific Northwest. Philip Voorhees and Brad Rable of CBRE represented the seller.