By Jack Stubbs
AIG Global Real Estate, a private equity real estate investor based in New York, recently made an acquisition in the Pierce County city of Lakewood, according to public documents. On June 13th, the company spent $11.7 million for a two-parcel property—which includes a 32,500 square foot storage warehouse—from Star Lite Market Place Square LLC, an entity based in Tacoma.
The recent transaction was for two separate parcels located at 8327 S. Tacoma Way, according to public records. The first parcel contains a 32,500 square foot commercial/warehouse property that was built in 1987. The second parcel comprises an approximately one-acre plot classified as “Land and Improvements” on Pierce County’s web site.
It is not entirely clear what plans AIG has for the recently-acquired property. However, Google Maps indicates that the property, referred to as Star-Lite Market Place Square LLC, is permanently closed.
A notice on the City of Lakewood’s web site says the following of the property: “The City of Lakewood has been notified that the Starlite Market Place located at 8327 S. Tacoma Way will be closed effective May 31, 2019. The City will continue to issue business licenses for vendors until May 30, 2019. Business License fees for issued business licenses are non-refundable.”
The subject property is roughly two miles east of downtown Lakewood and seven miles south of Tacoma via Interstate-5. The property, located in the Monta Vista neighborhood of Lakewood, is also adjacent to the South Tacoma Village Shopping Center.
There have not been too many property transactions in Lakewood in recent months. However, In late February 2019, a 210,134 square foot warehouse/story property located at 3401 96th St. S. sold for $27.2 million or about $129 per square foot, with Los Angeles-based Colony Capital acquiring the property from Nevada-based industrial and logistics real estate investment company Dermody Properties.
On the multifamily side, in early April, Seattle-based Security Properties, a national multifamily developer and investor, placed the 267-unit Beaumont Grand Apartment Complex—located at 8504 82nd St. SW—on the market in a transaction totaling $46.5 million, according to Pierce County property records.