Home Commercial Fortress Investment Group Spends Combined $17.3MM to Acquire Two CVS Properties in...

Fortress Investment Group Spends Combined $17.3MM to Acquire Two CVS Properties in Federal Way and Lakewood

By Jack Stubbs

Fortress Investment Group, a global investment management firm based in New York, has made several acquisitions in the Puget Sound region portfolio over the last few quarters–and recently made moves to expand its Pacific Northwest portfolio even further.

On October 17th, as part of two separate transactions that were recently recorded, the company spent a combined $17.3 million to acquire two CVS-anchored properties in Federal Way and Lakewood, King and Pierce County records show. The seller of both properties was Washington CVS Pharmacy LLC based in Woonsockett, RI. 

The property parcel in Federal Way, which is located at 33520 21st Ave. SW and sold for $8.8 million, contains a CVS building which totals 14,600 square feet and was built in 2017, according to public documents. The building, which sits on just over one acre, is across SW 336th Street from a Safeway-anchored shopping center, though it is not entirely clear whether other buildings within the shopping center were included in the transaction. 

The property is roughly four miles southwest of Federal Way and ten miles north of downtown Tacoma, also located within easy access of Interstate-5. 

The CVS property in Lakewood—which is several miles due south of Tacoma and located at 9400 Gravelly Lake Drive—includes a 13,188 square foot retail property constructed in 2018. The building, comprising a roughly two-acre parcel, sits proximate to Seeley Lake Park and is just south of Clover Park Technical College. 

Founded in 1998, Fortress manages assets on behalf of over 1,750 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies. According to the company’s web site, Fortress had approximately $40.9 billion of assets under management as of June 30th 2019. 

In mid-September, Fortress spent $11.3MM to Acquire 4.87-acre, 45,700 square foot Safeway property in Everett from Safeway Inc. In late June, the company spent $10.6 million to acquire a four-parcel commercial property, the site of another Safeway, in the Proctor District of Tacoma.