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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.

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