By Jack Stubbs
Creve Coeur, Missouri-based Bianco Properties, a company that owns and manages real estate investments nationwide across all major asset classes—including retail, industrial and residential—recently made moves to expand its Puget Sound region portfolio.
On September 18th, the company spent 29.85 million to acquire three parcels within Tacoma Central, a retail-anchored shopping center located at 2323 S. Union Ave. The seller of the property was New York-based Kimco Realty Corp., a REIT that is one of North America’s largest owners and operators of open-air shopping centers.
According to public documents, the transaction included three separate parcels located at
2323 S. Union Ave. and 3202 – 3304 S 23rd St. According to public documents associated with the recent transaction, the three parcels comprise five different commercial/retail properties built between 1989 and 1992 that cumulatively total around 125,000 square feet.
The parcels share the same address as Tacoma Central, a mixed-use shopping plaza; however, it is not entirely clear whether the entire complex was sold as part of the recent transaction. According to Kimco Realty’s web site, Tacoma Central is home to a variety of different retail tenants, some of which include Office Depot (which occupies nearly 23,000 square feet); PetSmart (which has leases just under 17,000 square feet); and TJ Maxx, who occupies just over 25,000 square feet.
Located adjacent to the Allenmore Golf Course, Tacoma Central is roughly three miles southwest of downtown Tacoma and thirteen miles south of Federal Way via Interstate-5. Within a five-mile radius, the average population stood at 273,581 as of 2018, with an average household income of about $71,000, according to the property’s web site.
Biano Properties’ assets are located in the greater metropolitan areas of Seattle, St. Louis, Indianapolis, Dallas, Chicago and Minneapolis, according to the company’s web site. Currently its portfolio contains 29 properties comprising over 2 million square feet of building area.
In the Pacific Northwest, Bianco Properties also owns the Rainier Place Shopping Center (which totals just over 1.2 million square feet) in Tacoma and the Alderwood Crossing Shopping Center in Lynnwood.
As of June 30, 2019, Kimco Realty owned interests in 428 U.S. shopping centers—comprising 75 million square feet of leasable space—primarily concentrated in the nation’s top major metropolitan markets, according to the company’s web site.