Point Ruston Properties in Receivership Up for Sale
Following the ruling by a Pierce County judge, seven properties in the Point Ruston mixed-use development on the Tacoma waterfront are for sale.
The properties were placed into receivership last year after lender TerraCotta Real Estate Services sued to recover $73.8 million in debt owed on the properties, reported the Puget Sound Business Journal. Now, the seven properties have been split into two groups with differing disposition timelines in a recent ruling.
The court agreed to have one group of three properties, including two retail structures with multiple tenants and a Century Theatres building, to be marketed by Kidder Mathews brokers Erik Swanson and Mike King. The portfolio has an estimated value of $25.1 million, according to the outlet.
The second group of four properties will be put up for sale directly by the receiver. TerraCotta estimates the value of all seven properties in receivership is approximately $38 million.
Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.