By Meghan Hall
The Seattle-Tacoma metro area continues to surpass the national average in retail performance, and property owners are looking for value-add opportunities throughout the region. For Dallas, Texas-based Cardinal Capital Partners, this has meant bringing on a new equity partner for the Tacoma Safeway located at 2411 N. Proctor St. According to public documents filed with Pierce County, the $11.8 million transaction, Tacoma Grocery Holdings LP acquired and F Albert Propco III LLC sold its stake in the property; both entities are located at the same address and are associated with Cardinal Capital Partners.
The property is a stand-alone center within residential neighborhood comprised of single-family homes. Along N. Proctor St. and within a few blocks distance, there is also the Metropolitan Market Tacoma, Viva Tacoma, Pomodoro Italian Restaurant and Bar and Chalet Bowl.
According to a second quarter report released by Marcus & Millichap, the Seattle-Tacoma metro had the highest rate of growth in retail sales in the nation, rising 10 percent over the last 12 months. Increases in population and jobs will continue to drive down vacancy rates and maintain investment trends. The report states that over the past five years, Seattle-Tacoma has added 237,000 residents, 178,000 of which were added in the last three. Median household income was also higher than the national average, coming in at $85,475, making the region’s trade areas one of the highest.
Founded in 1988, Cardinal Capital Partners is a private real estate investment firm that targets middle-market assets across the United States. The firm, according to its website, specializes in the sale-leaseback of properties, as well as investment and asset management. Since its founding, Cardinal Capital Partners has closed in excess of $7 billion investments.