By Kate Snyder
A portion of the Tahoma Vista Shopping Center in Tacoma traded hands in a recent sales transaction. The deal included multiple parcels with multiple buildings and vacant land, according to Pierce County public records. The sales price was $14.2 million. The buyer was an entity affiliated with Rhino Investments Group, which is a family-owned and operated commercial real estate investment and property management company based in Henderson, N.V. The seller was an entity affiliated with Bellevue-based PMF Investments.
Located at 7214 Portland Ave. E, 1404 and 1414 72nd St. E, the property includes retail buildings such as O’Reilly Auto Parts and Taco Bell, property records show.
The Tahoma Vista Shopping Center totals 118,213 square feet and was originally developed as a Kmart in 1968 and continues to be a shopping hub for the surrounding community, according to the property’s website. Big Lots took over the former Kmart food store in the late 90s, and following the closure of Kmart in 2017, Big Lots expanded and relocated into half of the Kmart space. The remainder of the Kmart was leased to Urban Air Adventure Park. Grocery Outlet also opened at the site in early 2019.
Founded in 1978, PMF Investments is dedicated to acquiring and developing undervalued commercial real estate properties, according to the firm’s website. The company has helmed commercial, industrial and mixed-use projects throughout Washington, Oregon, California, Idaho and Ohio.
Tacoma has seen a number of commercial and retail properties trade hands recently.
Earlier this month, a 46,265 square foot self-storage property was sold for $7.1 million, or approximately $153 per square foot, according to previous reporting from The Registry. The seller was Hosmer Self Storage LLC, and the buyer was Merit Hill Capital. Located at 8233 S Hosmer, near the intersection of S Hosmer Street and S 84th Street, the property consists of 454 storage units.
In May, Pierce County announced plans to acquire an office building located at 1501 Market St. from Regence BlueShield. The 149,330 square foot office building was constructed in 1992. The agreed-to purchase price was $27.3 million, or approximately $182 per square foot. The building purchase is the next step in the County’s Justice Center and Space Planning Study, an initiative to combine justice-related programs into one campus to improve service delivery and public access.
