Vestar Acquires Retail Center in Seattle Area for $31.4 Million
Vestar, one of the largest privately held retail real estate companies in the western United States, announced today that it has acquired James Center, a retail center in Tacoma, WA, for $31.4 million.
James Center is located at 6901 S. 19th St. in western Tacoma and is directly across from Tacoma Community College, which enrolls nearly 14,000 students per year. The center totals 140,240 square feet and is situated on 15.95 acres. James Center is leased by a strategic mix of retailers including anchor tenants, Fred Meyer and Rite Aid, as well as other notable brands including Starbucks, Subway, Verizon, Menchie’s, U.S. Bank, IHOP, FedEx Kinko’s and Ivar’s.
“James Center fits well in Vestar’s acquisition strategy of investing in grocery anchored centers with strong demographics,” said Clint Marchuk, vice president of acquisitions with Vestar. “This asset offers a key location in an infill area that continues to grow in population and workforce numbers.”
Over the past 12 months, Vestar has acquired five retail centers valued at $670 million throughout the western states.