By Kate Snyder
With several sales transactions already recorded in the past month, Puyallup is continuing its streak of attention from investors as a retail property in the city’s southern end was recently purchased.
The Meridian Place Shopping Center traded hands for $29.4 million, or approximately $234 per square foot, according to Pierce County public records. The seller was Meridian Place LLC, an entity that shares an address with Giustina Resources LLC, a sustainable forestry firm based in Springfield, Ore., according to public information. The buyer was Hyperion Realty Capital, LLC, according to a recent announcement from the company.
“This value-add retail acquisition would never have been possible without the creative deal-making and long-standing relationship with Sean Tufts and Kevin Adatto of CPX,” said Jon Mendis, Managing Partner of HRC. “We are excited to add this center in addition to our existing portfolio located throughout the West Coast.”
The property is located at 4417-4627 S Meridian and is approximately 125,540 square feet, according to CommercialCafe. It sits on 14.7 acres and was built in 1979. According to marketing information from JSH Properties, which is attempting to lease a portion of the site, the property is anchored by Grocery Outlet, Michaels, Starbucks, McDonalds and Mattress Firm, and the site is adjacent to a new multifamily development totaling more than 200 units.
Hyperion Realty Capital is a Los Angeles-based real estate investment manager focused on acquiring value-add properties in select West Coast markets, according to information from the firm. The company owns other retail centers including Sunset Square, Westgate South and Marysville Town Center in Puget Sound.
Puyallup has seen a number of sales transactions in recent weeks.
One recent transaction was for the 147-unit Brookstone at Edgewater Townhomes, which traded hands for $54 million, or approximately $367,346 per unit, in what appears to be an equity deal, as both the buyer and seller were entities affiliated with Security Properties, according to previous reporting from The Registry. Brookstone is located at 7513 177th Street Ct. E and was built in 2013.
In another deal, a swath of undeveloped land was sold for $27.5 million. Knutson Farms, Inc., was listed as the seller, and the buyer was listed as Knutson Farms Industrial Pal LLC, an entity that shares an address with Washington Capital, a real estate management company based in Seattle. The land is located at 7525 134th Ave E, west of the Puyallup River and south of State Route 410, and consists of approximately 72 acres.
