Description
88% Leased shopping center in Portland Metro Area with leasing and pad development upside.
The offering provides the opportunity to acquire a 124,371 SF retail shopping center in Troutdale, OR, located at the intersection of NE Glisan St/SW Cherry Park Rd & NE 242nd Dr. The property is 88% leased with a diverse and seasoned mix of national & regional retailers. The property is anchored by MUV Fitness, with an estimated opening date of May 2023.
The offering provides a value-add opportunity with the lease-up of vacant suites and potential development of the vacant pad site. The entire shopping center sits on a single parcel, giving the owner full control of the center and potentially allowing for future parcelization.
INVESTMENT HIGHLIGHTS
- MUV Fitness recently signed a new 15-year lease, taking the entire former grocery space, and is scheduled to open in the first half of 2023.
- The entire Shopping Center sits on one 16.5-acre parcel, giving the owner control of the center & allowing for a future parcelization exit strategy.
- The Safeway fuel station that has remained on site reports well above average gas volumes.
- An investor has the opportunity to fill the remaining 14k square feet of vacancy along with solving for the remaining undeveloped pad site.
- Dollar Tree has successfully operated on site for more than 20 years.
- US Bank recently exercised an option to extend their lease.