Browns Point - Investor

Project Details

Existing Retail Building - Proposed Redevelopment

1000 Town Center NE, Tacoma, WA 98422

47 North originally acquired this property with plans to renovate the existing building and lease the vacant retail spaces. However, through our extensive industry contacts, the plan to redevelop the property in collaboration with Living Care Lifestyles was negotiated in 2018.

Features

Project Goals

Originally purchased with the intent to renovate the existing building and increase the cash flow of the property.
Opportunity for 47 North to redevelop the property with Living Care was negotiated.
47 North and Living Care intend to hold the BPTC long term.

Key Investment Highlights

Original 47N investors benefit from increased land value relative to acquisition cost.
Recapitalization event anticipated following project stabilization.
Significant long term cash flow.

By The Numbers

Acquired - 2017

Built/Redeveloped - 1946/2021 (est.)

Lot - 140,178 SF

Zoning - Neighborhood Center

Existing Building - 35,660 SF

Proposed New Buildings - 223,400 SF

Interesting Project Fact

The BPTC parking lot acts as a park and ride for the famous Browns Point Salmon Bake which occurs every even numbered year on the first weekend in August.

Project Team

Developer: 47 North and Living Care

Architect: Wattenbarger

Civil: AHBL

Landscape: Blueline