By Jack Stubbs
On August 19th, a retail property in Puyallup—including four buildings totaling just over 70,000 square feet and located within the Rainier View Marketplace shopping center—sold for $17.3 million, Pierce County records show. The buyer was Blazen Delaware LLC, a private entity based in Seattle, and the seller was Seattle-based Verus Partners.
Capital Pacific represented the seller, Verus Partners, in the transaction.
“Capital Pacific is pleased to have represented the sellers in the sale of the Rainier View Marketplace in Puyallup,” said Sean Tufts, Partner at Capital Pacific, in a statement released by the company. “This 70,000 square foot center was built in 2012 by Verus Partners and was 97 percent occupied at the time it was acquired by a private Northwest investor.”
The recent transaction included four separate buildings, located at 16810-16912 Meridian E. in the Pierce County area of South Hill, which total 70,122 square feet, according to public records. These include a retail shopping center totaling 42,571 square feet and built in 2012; a commercial building totaling 14,084 square feet; another 6,931 square foot commercial building; and a 6,536 square foot property.
The four buildings share the same address as a nearby shopping center called Rainer View Marketplace—located at 16902-16912 Meridian E.—which is anchored by a variety of retail brands. Some of these include Ultra, Ross and Big 5, according to the property flyer written by First Western Properties, who is the brokerage firm leasing the property.
Located in South Puyallup’s strong retail corridor between between Fred Meyer and Walmart, the property is Pierce County’s fastest growing
region, with a 70 percent increase in population in the last 10 years.
The shopping complex is roughly 15 miles south of Tacoma and 18 miles south of Federal Way via State Route 512. The property is also adjacent to Pierce County Airport – Thune Field.
According to a property listing on loopnet.com, the area has strong demographics, which is set to continue over the next several years. Within a five-mile radius, as of 2010 the total population was 136,275; this figure is expected to increase to 167,319 by 2024. The shopping center is also roughly six miles from the Puyallup Station Commuter Rail and just under ten miles from the Sumner Station Commuter Rail, both of which are part of the South Sounder Line.