By Jack Stubbs
On Friday, February 15th, nine parcels of retail space totaling just under 78,000 square feet in The Market at Lake Tapps sold for $24.22 million, or roughly $310 per square foot, according to public records filed with Pierce County. The buyer was The Market at Lake Tapps LLC based in Des Moines and the seller was Boardman Tapps LLC, an entity affiliated with John Baker based in Ketchum, Idaho, a principal of Boardman Investments. The transaction was recorded on February 20th.
The transactions was for nine separate properties that total roughly 77,900 square feet, according to public documents. The properties, part of The Market at Lake Tapps, a retail center located at 19410 State Route 410, are a mix of commercial and retail assets built between 1990 and 2004.
According to a property flyer written by First Western Properties, some of the tenants at the Market at Lake Tapps include Walmart, Mattress Depot, Office Depot, Starbucks and Key Bank. The retail center’s location is one of its main assets, and offers “excellent retail synergy in the immediate area with Target across the street.”
Market at Lake Tapps is approximately one mile southeast of Bonney Lake via State Route 410 and about six miles south of Sumner. Additionally, the property is roughly seventeen miles from Federal Way and a few miles from Lake Tapps to the north.
There have not been too many commercial or retail transactions in the Pierce County city of Bonney Lake in recent months, although several transactions involving vacant land have been posted over throughout first quarter 2019, as the Puget Sound region continues to expand and vacant land opportunities continue to be viewed by developers and investors with interest.
On January 29th and February 4th, approximately 210 acres of vacant land in Marysville and Bonney Lake sold as part of two separate transactions for a combined $18.5 million. As part of the Bonney Lake transaction, Texas-based residential and mixed-use development company Forestar Group Inc. acquired two parcels of land located near 210th Ave. E that total just under half an acre.
Boardman Investments is an Idaho-based real estate investment company. The company owns and manages over one million square feet of properties throughout the western United States.