|Ohio-based REIT DDR Corp. has purhcased the Gresham Station Shopping Center for $87 million|
SOLD: 296,000-square-foot Gresham Station Shopping Center to the Ohio-based real estate investment trust DDRCorp
It's been a busy run for metro region retail centers over the past six weeks or so. First, Gramor Development sold its Progress Ridge TownSquare for $101 millionlast month, then its Timberland Town Center last week for $43 million.
Now, Westlake Realty Group Inc. has sold the 296,000-square-foot Gresham Station Shopping Center to the Ohio-based real estate investment trust DDRCorp. The reported sale price was $87 million.
Holliday Fenoglio Fowler represented the seller in the deal, which also included a 45,000-square-foot, single-tenant, triple-net-leased LA Fitness north of the center. The center itself, located at 649 N.W. 12th St., includes such retailers asBest Buy, Bed Bath & Beyond, Old Navy and Baja Fresh Mexican Grill. It's also got nearly 12,300 square feet of office space.
“With a stellar lineup of investment-grade tenants and excellent curb appeal, Gresham Station is positioned as the dominant shopping destination in east Multnomah County," said Nick Kassab, who led the HFF investment team, in a release. "(It) is another example of institutional commitment to Portland’s rapidly emerging east side. Given the dearth of retail offerings of institutional scale available in Portland, the asset received a high amount of attention, as opportunities for investors to grow their Pacific Northwest retail allocations are few and far between.
Among its nearly 350 properties, DDR also owns the Tanasbourne Town Center on Portland's west side and the Orchards Market Center in Vancouver.
http://www.bizjournals.com/portland/blog/real-estate-daily/2016/10/another-huge-shopping-center-trades-hands-this-one.htmlDo you want to invest in East Multnomah County? Give me a call:
Karen Schaaf ACP, GRI
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Lackman Commercial Group
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