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4/03/08
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SoCal real estate firms are finding choice investment opportunities in the Pacific Northwest, as evidenced by Heslin Becker Properties’ recent purchase of a 55k sf former Albertsons building in Portland, OR. The property is located at 4140 Southeast 82nd Ave and is part of the Wal-Mart-anchored Eastport Plaza shopping center. Heslin Becker, out of Seal Beach, also secured a long-term lease for the property with health club operator LA Fitness Inc. The price of the acquisition was not disclosed.
"With this acquisition, Heslin Becker Properties continues its expansion and growth of its portfolio into the Pacific Northwest," said Matthew J. Heslin, Principal of Heslin Becker Properties. "Heslin Becker will continue to add to its position as attractive development and value-added opportunities present themselves." The company currently is in escrow on six additional properties in the Pacific Northwest, according to Heslin.
LA Fitness will operate this property as a new health club and is anticipated to open in August 2008 at Eastport Plaza, a 400k sf center situated on the Avenue of Roses and 4000 Southeast 82nd Ave. Some of the other tenants at the center include Century Theaters, Starbucks, Radio Shack, Bank of America and H&R Block.
Newport Beach-based Heslin Holdings Inc and Retail Holdings LLC of San Diego merged in 2007 to form Heslin Becker Properties LLC. The company, led by founders Matthew Heslin and Brad Becker, is a shopping center investment and development company specializing in acquiring and developing retail portfolios and properties, throughout the Western United States.
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