Premier grocery-anchored shopping center trades hands for $37M in Washington

ORANGE COUNTY, Calif., Apr. 28, 2025 – JLL Capital Markets announced today that it has arranged the $37 million sale of  Westgate North, a premier grocery-anchored shopping center located in Tacoma, Washington.

JLL represented the seller. The buyer was Phillips Edison & Company.

Westgate North is strategically located at 2601 N Pearl St., at the intersection of North Pearl St. and North 26th St. in Tacoma's desirable West End submarket. This prime location provides excellent visibility and accessibility, with nearly a quarter mile of frontage on North Pearl Street and traffic counts exceeding 31,255 vehicles per day.

The 74,789-square-foot neighborhood center is 97.9% leased to a diverse mix of national and local tenants. Westgate North is shadow-anchored by a high-performing Safeway store that ranks as one of the top performers in the country. Other major tenants include Ace Hardware, Taco Bell, Chase Bank, Franciscan Health System and Anytime Fitness.

Westgate North benefits from its location in an affluent trade area, with average household incomes exceeding $123,377 within a three-mile radius. The surrounding area is experiencing strong population growth, with nearly 1,800 new residential units planned in the immediate vicinity.

JLL Capital Market’s Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Gleb Lvovich and Geoff Tranchina and Managing Director Daniel Tyner.

“Westgate North is a special asset with strong co-tenancy in a supply constrained Seattle submarket. We are proud of the outcome and this transaction showcases our team’s strength in placing capital into strategic retail properties along the Western US,” said Lvovich.

“The Westgate North sale exemplifies the strong investor interest in high-quality, grocery-anchored retail assets across the greater West Coast," Tyner added. "The greater market landscape for these types of opportunities remains robust with activity due to strong fundamentals across the retail spectrum.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Phillips Edison & Company, Inc. (“PECO”) is one of the nation’s largest owners and operators of high-quality, grocery-anchored neighborhood shopping centers. Founded in 1991, PECO has generated strong results through its vertically-integrated operating platform and national footprint of well-occupied shopping centers. PECO’s centers feature a mix of national and regional retailers providing necessity-based goods and services in fundamentally strong markets throughout the United States. PECO’s top grocery anchors include Kroger, Publix, Albertsons and Ahold Delhaize. As of March 31, 2025, PECO managed 321 shopping centers, including 298 wholly-owned centers comprising 33.5 million square feet across 31 states and 23 shopping centers owned in three institutional joint ventures. PECO is focused on creating great omni-channel, grocery-anchored shopping experiences and improving communities, one neighborhood shopping center at a time. Learn more at www.phillipsedison.com.