Exit133.com: Provident Building on Pacific Ave.

Provident Building on Pacific Ave. ( 9. October 2006, 15:25 by Derek Young) ~ Another Mini Golf Post

I’m generally pretty bullish about real estate in Tacoma. At the same time, it’s scary when real estate deals start to sound eerily reminiscient of the the dot-com deals of the late ninties:

LinMar is pleased to announce LinMar-Tacoma, LLC, an 80,000 square foot multi-tenant office project in the central business district of Tacoma, Washington. LinMar-Tacoma, LLC will acquire the Tacoma Provident Building. Investments in this project are available as 1031 Tax Deferred Exchange or as Direct Participation Investment. LinMar-Tacoma, LLC investments will be sold starting September 15, 2006 in the forms of Tenant-in-Common Interests and Limited Liability Company Units. This $5,835,000 equity raise will provide annual cash-on-cash returns from 5.5% to over 8% for the first five years. The overall return, including any appreciation realized upon sale of the building, is anticipated to be in excess of 10% annually.

Anybody want in? It sounds like easy money…

The circa 1903 Provident Building (aka Security Building) is at 917 Pacific. As we did a bit of digging, we discovered that in 1931, this building offered free miniature golf to its tenants. We don’t know how long that lasted, but bring it back!

Link to LinMar LLC

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The Security Building has always had some vacancies but it is now filling up pretty well with the Pierce County Center for Dispute Resolution inside and the Lemay Museum office there.

Also, Pita Pit just moved in on the first floor of the Security Building (921 Pacific).

1 | Posted by Erik | Oct 9, 04:20 PM

All of the tenants in the Security Building were invited to a luncheon held at the Tacoma Club on Wednesday by the new owners. They were treated to several renderings of how the building will look after its complete renovation starting in November.