Retail as a whole might be ailing, but certain kinds of properties are still very much in demand among investors, such as well-located community and strip centers in growth markets like Portland.
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ML Commercial Properties recently sold the 50K SF Southgate Shopping Center, a strip center in the Southgate area, to a private buyer. The property is 97% leased to 10 tenants, including OfficeMax, HobbyTown, Round Table Pizza, Starbucks, H&R Block, Arby’s and Spring Mobile.
Southgate Shopping Center, which sold for an undisclosed amount, is on 3.4 acres at the signalized intersection of SE King Road and SE 82nd Avenue. HFF marketed the property on behalf of the seller, with the sales team led by directors Brian Hanson and Nick Kassab.
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"Competition was stiff for the property, showing the market’s significant appetite for well-positioned, value-add retail opportunities,” Hanson said. “The buyer plans to leverage its retail relationships to upgrade the center and capitalize on the recent positive demographic shift in a historically strong retail location.”
More than 130,200 residents earning an average annual household income of more than $71K live within three miles of Southgate Shopping Center, he said.
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