Safeway-Anchored Shopping Center Sells For $47.4M

By Kate Martin The News Tribune

A California property group has bought Highland Hill Shopping Center at Sixth Avenue and Pearl Street in Tacoma. Retail Opportunity Investment Corp. paid nearly $47.4 million, according to documents posted with Pierce County on Tuesday.

A Safeway store anchors the property, which includes a 43,000-square-foot LA Fitness, a Dollar Tree and many other retail tenants in 163,926 square feet of space.

Highland Hill Shopping Center was privately owned for more than three decades, according to a news release from Retail Opportunity Investment Corp. The new owners don’t plan to change the tenant mix.

Seattle-based real estate company Capital Pacific sold the property on behalf of the owners.

Source: The News Tribune