A Pierce County judge has recently ruled that seven properties within the Point Ruston mixed-use development on the Tacoma waterfront are now available for purchase. According to a report from Puget Sound Business Journal, these properties were placed into receivership last year after TerraCotta Real Estate Services filed a lawsuit to recover $73.8 million in debt owed on them.
The court has divided the seven properties into two groups with different timelines for disposition. One group, consisting of three properties including two retail structures and a Century Theatres building with multiple tenants, will be marketed by Kidder Mathews brokers Erik Swanson and Mike King. This portfolio is estimated to be worth $25.1 million.
The second group of four properties will be sold directly by the receiver appointed by TerraCotta. The total value of all seven properties in receivership is estimated at around $38 million.
This recent ruling marks an opportunity for potential buyers looking to invest in this prime location along Tacoma’s waterfront area.
