San Diego-based Retail Opportunity Investments Corporation (ROIC) added another retail asset to its portfolio in a $47,350,000 deal for the Highland Hill Shopping Center in Tacoma. ROIC purchased the shopping center from Seattle-based Koehler & Company that closed May 9th.
The 163,926 square foot Highland Hill Shopping Center has 17 total units and is anchored by Safeway on one end and L.A. Fitness on the other. Safeway occupies a 53,175 square foot space and L.A. Fitness has 43,103 square feet. One of the other major tenants of the center includes Dollar Tree, which has 18,760 square feet.
Koehler & Company had owned the property located at 5915-6201 6th Ave. since 1985 when Steve Koehler and Doug McFadyen purchased it. The property was originally built in 1955 and 30 years later Koehler & Company bought it for expansion, redevelopment and integration into a larger center. One of the first major expansions of the property took place in 1989 when the nearly 54,000 square foot Safeway grocery store was added. Years later in 2006, the shopping center was completely redeveloped to include new Shell & Core, mechanical systems and a new facade design. Three retail pads have been added since, which includes the Carl’s Jr., Panda Express and BigFoot Java. L.A. Fitness came into the mix in the summer of 2008. According to Koehler & Company, as managing general partner, they were involved in the development and construction management during all the phases of renovations.
Other tenants include Carl’s Jr., Haircrafters, Bigfoot Java, Comcast of Tacoma, Emerald City Smoothie, BECU, Panda Express and Top Nail Partnership among others. There is an available 13,458 square foot space as well as two roughly 6,800 square foot spaces. According to ROIC’s website, the shopping center has six available units for lease.
ROIC is a fully integrated real estate company and REIT that owns and operates 81 shopping centers encompassing about 9.4 million square feet. The group has 16 properties in Washington including shopping centers in Shoreline, Bellevue, Kirkland, Puyallup, Bothell, Maple Valley, Marysville, Lacey, Vancouver, Kent, Edmonds, Seattle, Lake Stevens and Tacoma.