{"id":7167,"date":"2025-04-28T13:58:40","date_gmt":"2025-04-28T20:58:40","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=7167"},"modified":"2025-04-28T13:58:40","modified_gmt":"2025-04-28T20:58:40","slug":"infamous-downtown-tacoma-property-hit-with-notice-of-abandonment-designation","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2025\/04\/28\/infamous-downtown-tacoma-property-hit-with-notice-of-abandonment-designation\/","title":{"rendered":"Infamous downtown Tacoma property hit with &#8216;notice of abandonment&#8217; designation"},"content":{"rendered":"<div id=\"pl-7167\"  class=\"panel-layout\" ><div id=\"pg-7167-0\"  class=\"panel-grid panel-has-style\" ><div class=\"panel-row-style panel-row-style-for-7167-0\" ><div id=\"pgc-7167-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-7167-0-0-0\" class=\"so-panel widget widget_sow-image panel-first-child\" data-index=\"0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-image so-widget-sow-image-default-c67d20f9f743-7167\"\n\t\t\t\n\t\t>\n<div class=\"sow-image-container\">\n\t\t<img \n\tsrc=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/04\/graffiti-building-768x453.jpg\" width=\"768\" height=\"453\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/04\/graffiti-building-768x453.jpg 768w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/04\/graffiti-building-300x177.jpg 300w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/04\/graffiti-building-1024x603.jpg 1024w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/04\/graffiti-building.jpg 1468w\" sizes=\"(max-width: 768px) 100vw, 768px\" title=\"graffiti building\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t<\/div>\n\n<\/div><\/div><div id=\"panel-7167-0-0-1\" class=\"so-panel widget widget_sow-editor\" data-index=\"1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p><strong>It\u2019s a prime piece of property in the heart of downtown Tacoma<\/strong>, near McMenamins Elks Temple and Old City Hall. Plans for demolition of what\u2019s known as Graffiti Garages, 725 Broadway, and redevelopment into new apartments date back to 2014. Its 3-year development qualification for an 8-year multifamily property tax exemption (MFTE) expires in December.<\/p>\n<p>\u201cSavvy investors cautiously love distressed properties,\u201d said Harrison Laird, a principal with Lee &amp; Associates commercial real estate services. Laird specializes in the sales and leasing of office properties throughout the South Sound.<\/p>\n<p>\u201cOften, publicly known injunctions and notices spur activity on a property, though the investor pool will generally be targeting the absolute minimum bid it\u2019ll take to buy the property,\u201d Laird told The News Tribune.<\/p>\n<p>As The News Tribune reported last year, one lawsuit noted that the property had been used by 725 Broadway LLC to secure a loan that eventually exceeded the property\u2019s value. Its most recent assessed value, according to Pierce County, is at just under $2 million.<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-7167-0-0-2\" class=\"so-panel widget widget_sow-button\" data-index=\"2\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-button so-widget-sow-button-flat-84e2e13ea226-7167\"\n\t\t\t\n\t\t><div class=\"ow-button-base ow-button-align-center\"\n>\n\t\t\t<a\n\t\t\t\t\thref=\"https:\/\/www.thenewstribune.com\/news\/business\/article304983286.html\"\n\t\t\t\t\tclass=\"sowb-button ow-icon-placement-left\" \t>\n\t\t<span>\n\t\t\t\n\t\t\tCLICK HERE TO READ THE FULL ARTICLE ON THE  NEWS TRIBUNE\t\t<\/span>\n\t\t\t<\/a>\n\t<\/div>\n<\/div><\/div><div id=\"panel-7167-0-0-3\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"3\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p style=\"text-align: justify\"><strong>About Lee &amp; Associates Commercial Real Estate Services<\/strong><br \/>\nLee &amp; Associates is a fully-integrated commercial real estate company with unrivaled capabilities and an unwavering dedication to integrity. Our business-minded brokers specialize in office, industrial, retail, multi-family, land, investment services, corporate solutions, and valuation and appraisal services. As the fastest-growing broker-owned firm in the nation, with 80+ office locations in North America, we are uniquely qualified to support our clients\u2019 real estate needs in the local, national and international markets. For more information, visit <a href=\"https:\/\/www.lee-associates.com\/\">www.lee-associates.com\/<\/a>.<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><\/div><div id=\"pg-7167-1\"  class=\"panel-grid panel-has-style\" ><div class=\"panel-row-style panel-row-style-for-7167-1\" ><div id=\"pgc-7167-1-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>It\u2019s a prime piece of property in the heart of downtown Tacoma, near McMenamins Elks Temple and Old City Hall. Plans for demolition of what\u2019s known as Graffiti Garages, 725 Broadway, and redevelopment into new apartments date back to 2014. Its 3-year development qualification for an 8-year multifamily property tax exemption (MFTE) expires in December. \u201cSavvy investors cautiously love distressed properties,\u201d said Harrison Laird, a principal with Lee &amp; Associates commercial real estate services. Laird&#8230;<\/p>\n","protected":false},"author":244,"featured_media":7168,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,1],"tags":[1097,1116,1151],"class_list":["post-7167","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-media-center","tag-harrison-laird","tag-tacoma","tag-the-news-tribune"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.7 (Yoast SEO v28.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Infamous downtown Tacoma property hit with &#039;notice of abandonment&#039; designation - Lee &amp; Associates Pacific Northwest<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lee-associates.com\/northwest\/2025\/04\/28\/infamous-downtown-tacoma-property-hit-with-notice-of-abandonment-designation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Infamous downtown Tacoma property hit with &#039;notice of abandonment&#039; designation\" \/>\n<meta property=\"og:description\" content=\"It\u2019s a prime piece of property in the heart of downtown Tacoma, near McMenamins Elks Temple and Old City Hall. Plans for demolition of what\u2019s known as Graffiti Garages, 725 Broadway, and redevelopment into new apartments date back to 2014. Its 3-year development qualification for an 8-year multifamily property tax exemption (MFTE) expires in December. \u201cSavvy investors cautiously love distressed properties,\u201d said Harrison Laird, a principal with Lee &amp; Associates commercial real estate services. 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