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Grocery-Anchored Retail Center in Tacoma Trades Hands for $37M
JLL has arranged the $37 million sale of Westgate North, a grocery-anchored shopping center located in Tacoma, Washington.
JLL represented the seller. The buyer was Phillips Edison & Company. Westgate North is strategically located at 2601 N Pearl St., at the intersection of North Pearl St. and North 26th St. in Tacoma’s West End submarket.
JLL Capital Market’s Investment Sales and Advisory team, representing the seller, was led by Senior Managing Directors Gleb Lvovich and Geoff Tranchina and Managing Director Daniel Tyner. “The Westgate North sale exemplifies the strong investor interest in high-quality, grocery-anchored retail assets across the greater West Coast,” said Tyner.
The 74,789-square-foot neighborhood center is 97.9% leased to a diverse mix of national and local tenants. Westgate North is shadow-anchored by a high-performing Safeway store that ranks as one of the top performers in the country. Other major tenants include Ace Hardware, Taco Bell, Chase Bank, Franciscan Health System and Anytime Fitness.
