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3/05/25
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A joint venture between Lincoln Property Company and PCCP LLC has acquired Milwaukie Marketplace, a 185.8k sf, grocery-anchored retail center in Milwaukie, OR, in a $39 mil transaction ($210/sf). The purchase was financed with a bridge loan for $32.4 mil.
Located at 10840 SE Oak St, Milwaukie Marketplace is approximately 70% leased, with a mix of national and local retail tenants, including New Seasons Market, Ace Hardware, Planet Fitness and Pietro’s Pizza. Lincoln will provide property management and leasing services for the asset.
Milwaukie Marketplace is anchored by New Seasons, a highly successful regional grocer that serves as one of only two major grocery stores catering to over 50,000 households within a 10-minute drive of the center. The property recently underwent a multimillion-dollar tenant and capital improvement plan in connection with the opening of New Seasons.
Situated near Hwy-224 and OR-99E, the property is just seven miles from downtown Portland and benefits from proximity to major employment hubs like Providence Milwaukie Hospital, Kaiser Permanente Sunnyside Medical Center and substantial industrial parks including Milwaukie Business Industrial Park and Clackamas Industrial Park. The surrounding area features a mix of established residential neighborhoods and growing communities, with the property serving a substantial population of 350,000 within a five-mile radius, making it a prime location for retail traffic.
The three-year, floating-rate acquisition loan was arranged by Zach Kersten, Casey Davidson and David Williams with JLL Capital Markets and was funded through an entity managed by Argentic Investment Management LLC. The loan features full-term interest-only payments and will support the borrower's business plan to reposition the asset into the premier grocery anchored center in Milwaukie.
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