|
|
10/06/16
|
Gresham Station Shopping Center, a 296.2k sf retail power center with multiple national anchors in the Portland, OR suburb of Gresham, was acquired by DDR Corp. The sale included a 45k sf, single-tenant, triple-net-leased LA Fitness north of the center.
Gresham Station Shopping Center contains retail space and 12.3k sf of office space that is 89 percent leased. The center is home to national and regional tenants, including Best Buy, Bed Bath & Beyond, Craft Warehouse, Cost Plus World Market, Old Navy, Ulta Beauty, Panera Bread, Starbucks, Charming Charlie, Old Navy, Baja Fresh Mexican Grill and Men’s Wearhouse.
Situated on a total of 19.2 acres at 649 NW 12th Street (Gresham Station Shopping Center) and 779 NW Council Drive (LA Fitness), the assets are in a dense trade area that serves the eastern part of the Portland metro area and stretches more than 20 miles from Troutdale to Sandy, Oregon. More than 243,000 people with an average annual household income of $62,207 live within five miles of the properties.
Nick Kassab of HFF represented the seller, Westlake Realty Group Inc, in the deal. DDR purchased the asset free and clear of debt.
“With a stellar lineup of investment-grade tenants and excellent curb appeal, Gresham Station is positioned as the dominant shopping destination in east Multnomah County and is another example of institutional commitment to Portland’s rapidly emerging east side,” noted Kassab. “Given the dearth of retail offerings of institutional scale available in Portland, the asset received a high amount of attention, as opportunities for investors to grow their Pacific Northwest retail allocations are few and far between. The center is DDR’s third major acquisition in the Portland Metro area and will perform at a high level over the years to come.”
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
