A shopping center that’s been home to the Spanaway Goodwill store sold this month for millions and is set to see upgrades, including a new grocery store.
The property, referred to in marketing materials as both Spanaway Plaza and the Spanaway Goodwill Center, 14906 Pacific Ave. S. in the Parkland-Spanaway area, sold for $10 million in a transaction recorded Dec. 17.
The center is close to the Sprinker Recreation Center, Spanaway Park/Lake Spanaway Golf Course.
The seller was Goodwill of the Olympics & Rainier Region. The buyer was an LLC affiliated with SimonCRE, a national commercial real estate acquisition and development company based in Scottsdale, Arizona.
The site dates back to 1974, with upgrades made in 1992, according to county records. Current tenants besides Goodwill are Dollar Tree and O’Reilly Auto Parts, among others.
Joshua Simon is founder and CEO of SimonCRE. He told The News Tribune in response to questions via email, “Goodwill at least for the short term will remain a tenant as we work through or redevelopment plan.”
Part of that plan includes another big tenant.
“We look forward to bringing Grocery Outlet to the shopping center next year,” he wrote.
In a news release from SimonCRE, the new owners state that they plan to anchor the site with “a national grocer … as well as inject capital into the established retail center in order to update the existing structures and bring new national credit tenants.”
The release also stated the redevelopment plans include “updating existing structures, enhancing the aesthetic appeal, and modernizing facilities to create a more vibrant and inviting retail environment.”
“This project represents an exciting opportunity to infuse new energy into the community while driving meaningful economic development,” Andrew Veatch, director of acquisitions and leasing at SimonCRE, said in the release.
“We are committed to creating a retail destination that truly aligns with the needs and aspirations of the community,” Veatch added.
Representatives for Goodwill did not immediately respond to request for comment Friday about the sale or any potential plans for the Spanaway store.
The shopping center sale comes amid Goodwill’s potential plans for a $100 million apartment development next to its Tacoma headquarters, which The News Tribune first reported in early September.