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11/20/14
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Medford Center, a 335k sf, movie theater-anchored regional retail center in Medford, OR, was acquired by LBG Realty Advisors LLC. LBG bought the asset from Kimco Realty Corporation free and clear of debt.
Medford Center is situated on 30.14 acres at 501-1093 Medford Center, at the intersection of Biddle Rd and East Jackson St, along Medford’s main Biddle Rd retail corridor with direct access to Interstate 5. Most recently renovated in 1997, the center is 87 percent leased to a variety of national and regional tenants, including Sears, Cinemark Theatres, International Fitness, Ashley Furniture HomeStores, Rogue Air Park and John L. Scott Real Estate.
The seller was represented by HFF’s managing director Nicholas Bicardo, director Nick Kucha and real estate analysts Logan Greer and Brandon Rogoff. The price was not immediately given out.
“Medford Center received very strong interest from private and institutional buyers targeting non-primary markets,” Bicardo said. “We continue to see no shortage of equity and/or debt capital chasing yield in these types of markets. Medford Center is a great entree into the Pacific Northwest given the size and tenancy. ”
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