The Real Estate Bet on Pacific Avenue
A local clothing retailer purchases a building to secure its future, signaling a surge in Tacoma property values.
The story, cleaned up
A cleaned-up reading of the newspaper page: spelling and layout repaired, one story lifted off a crowded page. It follows the original closely but it is not a transcription. The original page is below; read it if a detail matters.
The latest real estate deal of importance is the purchase of the property at 1342 Pacific Avenue by Williams & Berggren of the Tacoma Clothing Company for $25,000. The deal was completed and the deed filed today. The firm, who have been doing business at 1310 Pacific Avenue, is well known in Tacoma. The purchase of the new property was made partly as an investment and to provide a permanent home for their business. 'We decided to stop paying rent,' said Mr. Berggren, 'and get into a home of our own. We have faith enough in Tacoma to invest that much money here.' The building is now occupied by the Star Clothing Company. As soon as satisfactory arrangements can be made with the present tenants, the new owners will make extensive alterations. Three years ago, this same property was put on the market and a buyer could not be found at $15,000. The steady, legitimate growth of Tacoma is responsible for the increase.
“We decided to stop paying rent and get into a home of our own.”
Small business owners seeking stability by escaping the volatility of the commercial rental market is a recurring theme in Tacoma's history. The 1904 logic of purchasing to avoid rent remains a primary goal for many independent retailers today, despite the massive escalation in downtown property valuations.
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