By Meghan Hall
As the Puget Sound has rapidly developed, investors are increasingly turning their attention to the port city of Tacoma. With plenty of space to grow, access to major e-commerce hubs and more, commercial assets are beginning to trade at a quicker rate. In a recent deal that closed before Christmas but more recently recorded, the Columbia Bank Center in downtown sold for $58.3 million, or about $313 per square foot. Public records indicate that the buyer is associated with Boyd Watterson Asset Management.
The property’s seller is 1301 A Street LLC, affiliated with Christian Haub of Tengelmann Group. The building is located at 1301 A Street and totals 186,000 square feet. It was originally constructed in 2001.
The asset is located just across the Thea Foss Waterway from the Port of Tacoma and is accessible via Interstate 705. Downtown Tacoma, with attractions such as the Museum of Glass, the Tacoma Comedy Club and Washington State History Museum, is also nearby.
Boyd Watterson is an independent, employee-owned investment advisor; the company specializes specifically in fixed income and real estate. Currently, the firm has $16.7 billion in assets under management, of which $9 billion is specifically real estate. Boyd Watterson also has a number of offices across the United States in markets such as Washington D.C., Chicago and Denver, among others.
In recent months, investors have been busy in Tacoma. Most recently, MJR Development purchased 1145 Broadway Plaza for $41.25 million, or about $198 per square foot. The office building was originally constructed in 1985 and totals 208,404 square feet. It rises 15 floors and has 72 parking spaces. In a financing deal, GIS International and DMG Capital secured a $54.5 million construction loan for apartments in both Kent and Tacoma. The Tacoma project, located at 415 E 25th St. in downtown, will bring 115 units to market.