Citivest Commercial has purchased the Jackson Creek Center in Medford, a grocery-anchored, 87k SF shopping center. The firm’s first acquisition in Oregon, Jackson Creek was purchased with a cap rate of 8.5%, compared to those of similar shopping centers throughout the Pacific Northwest at 6.5% or 7%.
“Medford has been on our radar for years,” Citivest president Larry Weese (right, with his friend Chuckie at this year's US Open) tells Bisnow. “The local economy is booming, driven by the healthcare and retirement services industries as well as Medford’s thriving tourism industry and proximity to wine country. The City of Medford has several development projects in the works to accommodate this growth.”
Larry says Jackson Creek (above) was a particularly attractive investment due to its prime location in this burgeoning submarket coupled with its opportunities for significant value creation. Citivest is planning to pick up additional retail centers in the Oregon market.
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