By Jack Stubbs
Late last week, Retail Opportunity Investments Corporation (ROIC), a company that focuses on the acquisition, leasing, repositioning and management of retail properties, added more inventory to its retail-focused portfolio in the Puget Sound.
On Friday, February 23rd, ROIC acquired 48,860 square feet of retail space in Tacoma for $19 million, according to public records filed with Pierce County. The seller of the retail space was Stadium Retail LLC, an entity affiliated with Jonathan Cheng, president of San Diego-based Tourmaline Capital.
Neither the buyer nor the seller responded to calls for comment in time for the publishing of this story.
The property, located at 618 N. 1st St., is comprised of nearly 50,000 square feet of retail space. The asset includes a 20,120 square foot Stadium Thriftway Grocery Store; a 15,765 square foot retail store; and a 12,975 square foot restaurant space (which is home to a Rhein Haus Tacoma), according to public documents. The property also includes a pet supply store, a North Slope Coffee House and a Starbucks, according to Google Maps.
The property is adjacent to Wright Park, approximately one mile north of Tacoma and roughly ten miles to the north of Puyallup. Additionally, the property is about one mile from access to Interstate-705 and five miles from Interstate-5.
ROIC operates an array of necessity-based retail properties in their portfolio with a focus on well-located community and neighborhood shopping centers that are anchored by national or regional supermarkets and drugstores, according to the company’s website. Additionally, the company also looks for retail properties located in core markets along the West Coast—namely throughout California, Washington and Oregon—that offer repositioning opportunities and lease-up/re-tenanting potential.
With the capture of the retail space in Tacoma, ROIC adds to its Puget Sound region portfolio that contains 18 properties, according to the company’s web site. Some of the company’s other existing retail properties in the region include Aurora Square, a 103,710 square foot shopping center in Shoreline; Canyon Crossing, a 120,510 square foot complex in Puyallup; and the Kress Building, a roughly 74,000 square foot grocery/department store in Seattle.
The company’s other property in Tacoma, which is located approximately four miles to the west of the recently-acquired retail space, is the Highland Hill Shopping Center, a roughly 164,000 square foot retail center anchored by a Safeway.
In October 2017, ROIC acquired the North Lynnwood Shopping Center—a property comprised of roughly 64,000 square feet of gross leasable area—from California-based Gerrity Group for $13.25 million.