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March 21, 2018
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Balboa Retail Partners Affiliate Buys 821k sf OR Retail Center


An affiliate of Balboa Retail Partners, out of Los Angeles, has purchased Shoppes at Gateway, an 821.6k sf, institutional-quality grocery-anchored retail center in Springfield, OR. The asset, located at 3000 Gateway St, was sold by Rouse Properties in a transaction said to be worth $107 mil, or around $130/sf.

The center is anchored by Target, Walmart Neighborhood Market, Cabelaís, Kohlís, Cinemark and Sears. The Shoppes at Gateway features national tenants including Marshalls, Ross, Petco, Ulta, Hobby Lobby, Ashley Furniture and a number of fast casual restaurants.

The center was originally developed in 1990 by General Growth Properties and named at the time as Gateway Mall. Rouse had recently completed extensive renovations worth near $45 mil and which included the name change to Shoppes at Gateway. The improvements entailed the addition of new tenant space along with reconfiguring the existing layout.

David Monahan and Geoff Tranchina with JLL represented the seller in the transaction.

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