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5/23/16
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Jackson Creek Center, a grocery-anchored, 87.8k sf shopping center in the rapidly growing submarket of Medford, OR, was acquired by Citivest Commercial LLC for $5.39 mil ($61/sf). This is the firm’s first acquisition in Oregon.
The property is located at 2290-2380 Main St, situated along the I-5 Fwy in the southwest region of the city. The seller, JS Western, was the original developer of the center.
Anchored by Albertsons, the center features a diverse mix of 13 national and regional retailers in the food, entertainment, and professional service industries. Seven tenants offer grocery or food-related services, while other tenants offer nail care, dental care, medical/beauty services, and on-site gaming, among others.
Citivest plans to renew and reposition the property, which has not been renovated since 2000, in order to increase the center’s value and maximize rent appreciation, capitalizing on the growth of the emerging Medford region. New national tenants have expressed interest, which should contribute to the further success of the center.
“Medford is experiencing an economic resurgence,” says Larry Weese, President of Citivest Commercial. “Fueled by increased confidence in the local economy, the City of Medford has invested in numerous developments and created hundreds of new jobs in the manufacturing and distribution industries. With a population of 210,000 people and counting, the Medford MSA is the fourth largest metropolitan area in Oregon, and is poised for continued economic growth.”
Originally built in 2000, Jackson Creek Center, which was 96.5 percent occupied at acquisition, demonstrates deep potential for value creation, according to Weese, who points to the existing vacancy and below-market rents as opportunities for a value-add strategy.
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