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December 16, 2018
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Harsch Investment Properties Buys 300k sf OR Retail Center

9/27/18

Harsch Investment Properties has purchased Gresham Station Shopping Center, a 297k sf, open-air retail center in Gresham, OR. The property is 86% leased to best-in-class tenants that include Best Buy, Bed, Bath & Beyond, Old Navy, ULTA, Craft Warehouse, among others.

Although the price was not given out, industry sources we spoke with estimate the deal came in somewhere in the $95 mil - $96 mil range. That would put it near $320/sf.

Gresham Station Shopping Center is located at 649 NW 12th St, north of Powell Blvd and west of Eastman Pkwy. In addition to the core property, the transaction includes a free-standing 45k sf LA Fitness on a long-term lease that is located north on a separate parcel.

Nearly 1,000 apartment units are located within one block of Gresham Station. Since 2000, the trade area surrounding Gresham Station has experienced population growth of nearly 30% and continues to be one of the fastest growing pockets in the Portland MSA.

Nicholas Bicardo, Nick Kucha and Brandon Rogoff with NKF Capital Markets represented the seller Retail Value Inc in the transaction.

“Gresham Station is one of the larger retail shopping center transactions to occur in the Portland metro area this cycle,” said Bicardo. The property drew investor interest from across the nation and, in the end, sold to a local investor.





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