By Jack Stubbs
Despite a relative lack of property sales in Lakewood in recent months, a recent transaction indicates that properties in Pierce County remain on the map.
On Sept. 2, in a transaction that was officially recorded on Sept. 20, a 10,747 square foot commercial property – Macau Casino – sold for $22.1 million, Pierce County records show.
The buyer was Project Evergreen WA LLC, an entity affiliated with Oak Street Real Estate Capital based in Chicago. The seller was Maverick Caribbean LLC, an entity associated with Maverick Gaming LLC. Maverick Gaming is the owner and operator of 19 card rooms in Washington State and a handful of other properties in Nevada and Colorado, the company’s website states.
The property is located at 9811 S. Tacoma Way and sits on a roughly two-acre parcel, property records show.
The casino is roughly two miles east of downtown Lakewood and close to I-5, which connects Lakewood with Tacoma to the north, and SR-512, which connects the city with Puyallup and Sumner to the east.
In terms of the demographics around the property, over the next five years, the population is expected to grow by roughly 8.5 percent within a one-mile radius; 7.7 percent within a three-mile radius; and 7.6 percent within a five-mile radius, according to a previous listing for the property on Loopnet.com.
The median household income within the same geographic radius is $45,629, $54,927 and $62,918, respectively.
There have not been too many commercial property sales in Lakewood over the last few months.
In March, however, Palm Beach, Florida-based investment group Sterling Organization spent $17.7 million to acquire the Lakewood Diamond Plaza, a fully occupied shopping center consisting of several buildings located at 10901, 11011, 11013 and 11021 Pacific Highway. Property records show that the property was previously owned by West & Wheeler, which sold the asset for $17.7 million.