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8/17/23
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A Houston-based private investment group purchased a 146.9k sf retail property located at 11800 SE 82nd Ave in Happy Valley, OR. The property is physically attached to, but legally separate from, the 1.4 msf Clackamas Town Center regional mall, the second highest performing mall in Oregon.
After Sears vacated the property in 2018, DICK’s Sporting Goods partially backfilled the building in 2019, opening for business in October 2020. The remainder of the building remains vacant, including two 15k sf, ground-level retail areas, and a 64.4k sf upper-level commercial area – both formerly occupied by Sears. The buyer will look to lease-up the vacant areas with new retailers.
The Clackamas submarket is the retail hub in the eastern Portland MSA, representing the largest concentration of retail uses in the market. Clackamas Town Center is also the final destination along the MAX Light Rail Transit System offering direct rail service to downtown Portland and to the employment centers at the western edge of the city.
CBRE’s Dino A. Christophilis and Daniel Tibeau represented the seller in the transaction.
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