James Center North

Project details

  • Sale Amount: $3,400,000
  • Sale Date: June 2013
  • Building Square Feet: 13,380 SF
  • Land Area: 301,435 SF
  • Zoning: TACO
  • Location: Tacoma, WA

1620 S Mildred St

Tacoma, WA 98465

Description:
A five building 61,163 SF office retail complex located across the street from Tacoma Community College. The buildings were originally constructed in 1983 sitting on 301,435 SF of land.

The Challenge:
While enjoying a marketable location, James Center North was a largely vacant, bank owned property in relatively poor condition after years of neglect and deterioration. AGM was appointed receiver and charged with securing and stabilizing the property. At that time, vacancy was 73%. The property’s low occupancy and less than desirable condition were compounded by the fact that many existing tenant rents were in arrears. The previous owner deferred maintenance and was unable to perform the cosmetic improvements and image enhancement needed to bring the property to full occupancy.

The AGM Solution:
By significantly improving the property’s marketability, AGM was able to procure new tenants and secured lease deals for post-sale closure. New tenants were enticed by a well-capitalized future ownership with an ability to schedule cosmetic improvements over time to enhance the property. Capitalizing on the property’s location within a major retail hub and with considerably improved tenant occupancy, AGM extensively marketed the property for sale.

The Outcome:
AGM’s positioning of the property and aggressive marketing efforts enabled the sale of this property at its appraised value. Following AGM’s recommendation, the Client declined several offers below appraisal value. AGM’s diligent efforts benefited this troubled asset and resulted in a successful disposition.

The Client:
Seller was Umpqua Bank, an Oregon-based community bank recognized for its entrepreneurial approach, innovative use of technology, and distinctive banking solutions. Umpqua Bank has locations between San Francisco, California, and Seattle, Washington, along the Oregon and Northern California Coast, Central Oregon, and Northern Nevada.

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