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6/07/17
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Southgate Shopping Center, a 50.8k sf, value-add, multi-tenant retail strip center in the Southgate area of Portland, OR, was purchased by an unnamed private investor. It was sold by ML Commercial Properties Inc.
Southgate Shopping Center is 97% leased to 10 tenants, including Office Max, HobbyTown, Round Table Pizza, Starbucks, H&R Block, Arby’s and Spring Mobile. Situated on 3.4 acres at 10317-10465 SE 82nd Ave, the center is positioned at the signalized intersection of SE King Rd and SE 82nd Ave in Southgate, a portion of the southward extension of Portland that sits directly along the historic wagon trails.
The center is near Hwy 213 and accessible from I-205. More than 130,278 residents earning an average annual household income of $71,118 live within three miles of Southgate Shopping Center.
The buyer plans to upgrade the center and capitalize on the recent positive demographic shift in a historically strong retail location. HFF’s Brian Hanson and Nick Kassab represented the seller in the deal. The price was not immediately disclosed.
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