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  Real Estate


Brian Miller
Real Estate Reporter
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March 1, 2018

On the Block: Here's how a distressed retail property in a ‘very cool area' of Tacoma tripled in value

The Stadium Thriftway property at 633 Division Ave. in Tacoma has a somewhat checkered past. It's on the south end of a triangular, slice-of-pie retail block that had — until five years ago — multiple owners. Soil contamination from a dry cleaner had crossed west beneath the street to some parking lots. There was also an auto repair and tire shop still operating in the former Chevrolet dealership — not too enticing for grocery shoppers.

It was in that context in 2013 that Tourmaline Capital Management of San Diego bought the Thriftway property, plus two parking lots to the west, for $5.8 million from the longtime family owners. Scott Price and Joel Jones of Neil Walter Co. brokered the sale. Tourmaline, led by Jonathan Cheng, also optioned the middle parking lot and dry cleaner property.


 
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