By Jack Stubbs
On Friday, May 4th, a retail building in Puyallup sold for $10.2 million, or approximately $81 per square foot, according to public documents filed with Pierce County. The buyer was NLA Puyallup LLC, an entity based in Danville, California. The selling entity shares the same address as Douglass Properties, an apartment property developer based in Spokane. The transaction was recorded on Thursday, May 9th.
The seller did not respond to calls for comment about the transaction in time for the publishing of this story. Barry Kelly with NAI Puget Sound Properties and Christopher Bell with NAI Black are listed as the leasing brokers for the property. Kelly declined to comment about the details of the transaction and Chris Bell is subject to an NDA regarding the transaction.
The property, located at 301 37th Ave. SE., contains a one-story 125,110 square foot retail building built in 1993 that sits on a 7.7-acre lot, according to the listing on loopnet.com. The property is approximately two miles south of Puyallup and roughly twelve miles to the east of Lakewood. Additionally, the property is approximately five miles from access to Washington State Route 167 Washington State Route 410.
Founded in 1957, Douglass Properties manages 30 apartment communities throughout the greater Spokane area, according to the company’s web site. The company manages apartment communities in Spokane, Spokane Valley and Spokane’s South Hill neighborhood, among other areas. Some of the company’s properties include the 60-unit Artisan Apartments; the 15-unit Highland Apartments; and the 72-unit Quadrangle Apartments.