Updated Dec 4, 2024
Pierce County Acquires Office Building On Market Street In Tacoma For $27.3M
1501 Market Street
$27,271,000
$182/SF
Building Size
149,330 SF
Asset Type
Office
Closing
Sep 28, 2023
About this deal
AI
Pierce County has acquired an office building located at 1501 Market Street in Tacoma, WA for $27.3 million. The property, spanning 149,330 square feet, was purchased as part of Pierce County's Justice Center and Space Planning Study initiative. The transaction was facilitated by Lee & Associates, who represented the buyer, Bruce Dammeier - Pierce County. The seller in the deal was Regence BlueShield.
Summary of Transaction Details
- Property Type: Office
- Transaction Amount: $27,271,000
- Address: 1501 Market Street, Tacoma, WA
- Market: Tacoma, WA
- Square Footage: 149,330
- Price per Square Foot: $183
- Buyer's Representative: Bruce Dammeier - Pierce County
- Seller: Regence BlueShield
- Broker: Lee & Associates
This acquisition is part of Pierce County's effort to improve service delivery and public access through the Justice Center and Space Planning Study initiative. The downtown Tacoma office building will contribute to the county's objectives in enhancing its operations and providing better services to the community.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.58%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93