By Meghan Hall
A tract of land and an industrial property that has been used by a marijuana business incubator for the past several years has sold. In a deal that closed on August 27th, That Other Stuff LLC traded its Tacoma property for $42.8 million. According to public records, the buyer is a Southern California-based company known as Post Investment Group.
The asset is located at 3303 S. 35th St. Pierce County records indicate that the property totals 15.923 acres of land and is currently developed with multiple light industrial buildings. The first building totals 52,229 square feet. The original structure was built in 1950 and later expanded by 25,421 square feet in 2011. A second building, totaling 243,92 square feet, is also on the property. That building was also originally constructed in 1950.
The property is easily accessible via State Route 16 and Interstate 5. Tacoma Central, a shopping center anchored by Office Depot and Dollar Tree, is nearby, as is a Costco Warehouse. Other businesses in the area include Tacoma Subaru and Tacoma Dodge Chrysler Jeep RAM, Zips Cannabis and the Tacoma Mall.
That Other Stuff, a limited liability company, was formed in 2016. A number of investors placed $15 million in capital into the business in order to get it off the ground. It is unclear why the LLC elected to sell at this time.
Marijuana was legalized by majority vote in 2012 under I-502, which permitted the sale, purchase and use of marijuana for those 21 years of age and older. The legalization went into effect in January of 2013, with the first legal marijuana sales recording in the state in 2014. Marijuana must be purchased from state-licensed retail stores, which are overseen by the Washington State Liquor and Cannabis Board.