Updated May 12, 2025
Phillips Edison & Company Acquires Retail Center In Tacoma Washington For $37 Million
2601 North Pearl Street
$37,000,000
$494/SF
Building Size
74,789 SF
Asset Type
Retail
Closing
Apr 28, 2025
About this deal
AI
The retail asset located at 2601 North Pearl Street in Tacoma, WA, has been sold for $37 million. The property spans 74,789 square feet and boasts a price per square foot of $495. It is currently 97.9% leased to tenants, including Safeway and Ace Hardware.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $37,000,000
- Square Footage: 74,789 SF
- Address: 2601 North Pearl Street
- Market: Tacoma, WA
- Price per Square Foot: $495
- Buyer: Phillips Edison & Company
- Broker: JLL Capital Markets
Phillips Edison & Company is the buyer represented in this transaction, facilitating the acquisition of the property through JLL Capital Markets, which acted as the broker for this deal.
On the Map
$37,000,000
$494/SF
Retail
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Players
Tacoma Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.43%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93