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2/09/24
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MOB Investments Inc has acquired Village @ Main Street, a 74.9k sf retail neighborhood center in Wilsonville, OR, for $25 mil ($334/sf) in an all-cash deal. The transaction closed at a 7.39% cap rate.
Built in 1999, the property is located at 8309-8699 SW Main St and comprises 12 buildings in a campus-style layout with 1.9k sf of frontage along Wilsonville Rd. The property was 91% occupied at the time of sale by 20 tenants representing a mix of local, regional and national retailers, including Red Robin, Jimmy Johns, Gentle Dental, Arthur Murray Studios and Mattress Firm.
The property is situated just east of I-5 along SW Main St between Town Center Loop West and Rebekah St. It is adjacent to Village @ Main Street Apartments, 23 minutes from Portland and 33 minutes from Salem. The property is also within the Portland metro’s urban growth boundary.
Joey Blatner, Wes Bochner, and Megan Wallachy with CBRE Northwest Retail Capital Markets represented the seller, Village Commercial LLC, in the transaction. The sale marks the property’s first time on the market and Oregon’s largest retail sale in the second half of 2023. According to Blatner, the listing generated six competing offers.
Neighborhood/strip centers accounted for 47% of the total retail sales volume in the fourth quarter of 2023, according to CBRE Research. The I-5 Corridor submarket, where the property is located, posted a total availability rate of 5.4% and a total vacancy rate of 3.6%.
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