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12/23/25
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Intercontinental Real Estate Corporation and ScanlanKemperBard Companies LLC (SKB), have acquired Washington Square II (“WSII”), an 86.6k sf retail center located in Tigard, OR, for $25.25 mil, or $292/sf. Washington Square II is situated on an 8.03-acre site at 10250 SW Washington Square Rd, adjacent to Washington Square Mall, one of Oregon’s premier retail destinations with more than 50 years of operating history and approximately 10 million annual visitors.
The center consists of three single-story retail buildings constructed in 1984. Tenants include Red Robin, Visionworks, World Market, DXL Big+Tall and Panera Bread.
Situated along the primary entrance road to the Washington Square mall, WSII enjoys strong visibility and consistent cross-traffic. It also sits 0.3 miles north of Oregon Route 217, which provides connectivity throughout southwest Portland.
Intercontinental and SKB plan to execute a targeted renovation plan focused on capital repairs, cosmetic upgrades, and leasing initiatives designed to enhance curb appeal and increase leasing velocity. Planned improvements include refreshed façades, new signage, HVAC upgrades and parking lot repairs, all aimed at improving the tenant and customer experience.
“Washington Square II benefits from a strategic location within one of Oregon’s most established retail corridors, supported by strong surrounding demographics and consistent consumer traffic,” said Jessica Levin, Managing Director, West Coast and Associate CIO at Intercontinental. “Through thoughtful capital investment and leasing execution, we believe the property is well positioned to capture durable tenant demand and, as a result, create long-term value.”
ScanlanKemperBard sourced the transaction and brings extensive local operating expertise to the joint venture. Founded in 1993 and headquartered in Portland, Oregon, SKB is a privately held real estate investor, operator, and developer with a portfolio of more than 5.5 msf across office, industrial, multifamily, and retail assets throughout the Western United States.
“Opportunities of this scale in the Washington Square corridor are increasingly rare,” continued Tyler Kepler, Senior Vice President at SKB. “With retail vacancy below 4% and immediate adjacency to the region’s most productive shopping destination, Washington Square II sits at the center of long-term demand drivers that continue to attract both tenants and capital.”
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