The California Building Changes Hands
A major real estate transaction hits the Tacoma market, marking the sale of a prominent downtown structure for over $100,000.
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 largest real estate deal made in Tacoma for several years was consummated yesterday, with the California Block transferred from the Penn Mutual Life Insurance company to the Stetson Trust company. The deal was negotiated by the T. H. Phillips Co. Regarding the deal, Mr. Phillips said: 'While I am not at liberty to disclose the exact consideration, still I may say it is about $110,000—a bit less than that figure. Two years ago the price hovered near $120,000. The first of the year it went up to $140,000, and later climbed to near the $150,000 mark, at which it has just been sold.' The California building was erected in the winter of 1890 and 1891 by Dan Wilson, at a cost of $190,000. It has a frontage of 100 feet on Pacific avenue and extends to Commerce street. It is considered one of the most desirable office buildings and retail business locations in the city. The block passed into the possession of the Penn Mutual Life Insurance company about four years ago, on a mortgage for $100,000.
“Two years ago the price hovered near $120,000. The first of the year it went up to $140,000, and later climbed to near the $150,000 mark, at which it has just been sold.”
The California Building, now recognized as a landmark of Tacoma's architectural heritage, illustrates the city's long-standing history of intense real estate speculation. While $110,000 was a fortune in 1904, the cycle of downtown commercial real estate values remains a defining, if volatile, feature of the modern Tacoma economy.
From readers
No comments yet. If you know something about this story — a correction, a family memory, a source — it belongs here.