By Jack Stubbs
On Wednesday, June 20th, an office building adjacent to the Tacoma Mall sold for $16.55 million, or approximately $143 per square foot, according to public documents filed with Pierce County. The buyer of the property was M & M Tacoma Investments IV LLC, an entity affiliated with Jeffrey Mincheff based in La Center, Washington.
The seller shares the same address as Transpacific Investments LLC, a commercial real estate investment company based in Lake Oswego, Oregon. Stan Kleweno, managing member of Transpacific Investments whose name appears on public documents, did not respond to calls or emails for comment about the transaction in time for the publishing of this story.
The transaction was recorded on June 27th.
The sale was for the Tacoma Mall office building located at 4301 S. Pine St. in Tacoma, according to public documents.The 7-story Class B office building, which sits on 4.4 acres, was built in 1971 and comprises 115,575 rentable square feet.
According to Will Frame in Kidder Mathews’ Tacoma office who is the broker for the property, there are currently 2,500 square feet currently available on the sixth floor of the building. Major tenants in the building include Pierce County (which occupies roughly 28,000 square feet), Maxim Healthcare, Kaiser Permanente and Guild Mortgage, who all occupy 10,000-plus square feet in the building. Kidder Mathews is currently working on leasing the rest of the available space.
The building sits adjacent to the 100-acre Tacoma Mall—opened in 1965—which Indianapolis-based Simon Property Group has plans to redevelop beginning in 2019. The office building is roughly four miles south of downtown Tacoma, five miles north of Lakewood, and about three miles from access to the intersection of Washington State Route 16 and Interstate-5.
Founded in 2001, Transpacific Investments targets value-added properties throughout the Pacific Northwest and services the needs individuals, trusts and institutions, according to the company’s web site. The company invests in a wide range of properties including suburban office, business parks, flex, industrial, multifamily and retail.
The company has a sold a number of properties throughout the Puget Sound region over the years. Some of these properties included the Federal Way Office Portfolio, a property totaling 113,795 square feet, and the 200,961 square foot Washington Technical Center in Renton.