Home Real Estate Retail Center in Portland Suburb Sells for $25M
Real Estate

Retail Center in Portland Suburb Sells for $25M


CBRE announced the all-cash sale of Village @ Main Street, a 74,878-square-foot retail neighborhood center in Wilsonville, to MOB Investments Inc. for $25 million at a 7.39% cap rate. The sale marks the property’s first time on the market and Oregon’s largest retail sale in the second half of 2023.

Joey Blatner, Wes Bochner, and Megan Wallachy with CBRE Northwest Retail Capital Markets represented the seller, Village Commercial LLC, in the transaction. “In a challenging market, we generated six competing offers, which ultimately led to a significant transaction that met the investment needs of both parties,” said CBRE’s Blatner.

Built in 1999, the property is located at 8309-8699 SW Main Street and comprises 12 buildings in a campus-style layout with 1,875 feet of frontage along Wilsonville Road. The property was 91% occupied at the time of sale by 20 tenants representing a mix of local, regional and national retailers, including Red Robin, Jimmy Johns, Gentle Dental, Arthur Murray Studios and Mattress Firm.



Source link

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Real Estate

Memphis Dermon Building Converting to 150-Room Hotel

The Dermon Building in Memphis was built 99 years ago, designed as...

Real Estate

Developer Duo Secures $120M Refi for Charleston Harbor Rental Community

Woodfield Investments and Argosy Real Estate Partners have secured $120 million to...

Real Estate

Bonita Springs Site for 252-Unit Apartment Community

Madison Communities and Heitman have closed a $44 million construction loan for...

Real Estate

$21.5M Loan for Tacoma Apartments Secured by Berkadia

Berkadia has secured financing for the acquisition of The Duo Apartments, a...