Mincheff & Mincheff Tacoma Portfolio

Tacoma, WA

9-Parcel Investment Portfolio

$80M Total Acquisition Cost

Ethos Commercial Advisors was tasked with identifying a location to re-invest proceeds from prior dispositions in Portland, Oregon as well as to increase the client’s portfolio size. The charter was to find wider in-place cap rates than the Portland exits in an area that had quality historic urban fabric coupled with regional growth prospects, both supporting long-term value. Having identified several regional options, the team chose Tacoma, Washington.

Over the course of the subsequent years Ethos supported Mincheff & Mincheff Investments in underwriting, financing, purchasing, and leasing five multi-tenant office buildings as well as one building slated for redevelopment, one structured parking garage, and two surface parking lots. None of the acquisitions were straightforward; in one case an acquisition required a complicated sale-leaseback, two others had environmental issues, one had significant vacancy, and another was purchased from a public agency.

In nearly every case an Argus model was created by Ethos to support financing efforts and to drive data-based price negotiations. To provide seamless support to the assets, Ethos led lease negotiations while under contract. An Ethos team member provided capital market’s brokerage services on the portfolio, in some cases working with complicated CMBS lenders and in other cases moving quickly with private lenders. Ethos supported other various processing needs such as working with technical experts providing due diligence, assisting with resolving environmental issues, and visioning future improvements. One particularly notable success was increasing occupancy by 6% and rents by over 9% across two multi-tenant buildings totaling 206,000 square feet.

“I view Ethos as a partner, rather than simply a real estate brokerage. Their team is intimately involved in every part of the acquisitions process, from deal sourcing to underwriting to investment strategy to negotiating and managing transactions. I’ve entrusted Ethos with over $80 million in acquisitions over the past three years and they have consistently delivered the highest level of service.”