By Jack Stubbs
On April 30th, Moss Group, a family-owned property development and management company based in Encino, CA, acquired a commercial property in Tacoma for $38.3 million, or approximately $615 per square foot, according to public documents filed with Pierce County. The seller of the property was Birmingham, AL-based Capital Growth Buchalter (CGB), a company that develops retail, medical and multi-family developments nationwide.
The subject property, located at 815 S Vassault St., is a two-story, Class B office/medical building built in 2018 that totals 62,200 square feet, according to public documents. Sitting on just under five acres, the property is home to the CHI Franciscan Rehabilitation Hospital which, according to the property’s web site, includes 60 inpatient beds.
The CHI Franciscan Rehabilitation Hospital is a state-of-the-art property which “strives to maximize the health, function and quality of life of those we serve through comprehensive physical medicine and rehabilitation programs,” the web site states.
Located just north of Tacoma Community College, the property is roughly four miles east of downtown Tacoma and six miles north of Lakewood. The property is also about half a mile from access to State Route 16 and adjacent to the Highland Hill Shopping Center.
Along with the recent sale of the CHI Franciscan Rehabilitation Hospital property, another recent transaction indicates that interest in Tacoma’s downtown office market continues. On April 24th, Olympia, Washington-based Berschauer Group Inc. acquired a 172,773 square foot office/medical property—located at 1149 Market Street and home to the Franciscan Service Center—for $11.5 million from Wisconsin-based Physicians Realty Trust, a REIT that specializes in the healthcare industry.
Since its founding in 1984, Moss Group is developed over 100 projects in Southern California including commercial office buildings, retail shopping centers, industrial properties, automotive centers and multifamily properties, according to the company’s web site. Moss Group also continues to undertake new development projects and participate in joint ventures.
On average, CBG delivers one completed project per week, and over the past decade has successfully completed more than 500 built-to-suit retail, multifamily and medical properties, according to the company’s web site.