September 27, 2018
Gresham Station Shopping Center, a 296,952-square-foot open air retail center east of Portland, OR, has traded hands for a reported $64.5 million. Portland-based Harsch Investment Properties acquired the property located at 649 NW 12th St. in Gresham from Cleveland-based Retail Value, Inc.
The property is 86% leased to tenants that include Best Buy, Bed, Bath & Beyond, Old Navy, ULTA, Craft Warehouse, among others. In addition to the core property, the transaction includes a free-standing 45,000-square-foot LA Fitness on a long-term lease that is located on a separate north parcel.
NKF’s Nicholas Bicardo, Nick Kucha and Brandon Rogoff represented the seller, an entity formed to sell properties formerly owned by DDR Corp.
“Gresham Station is one of the larger retail shopping center transactions to occur in the Portland metro area this cycle,” said Bicardo. “Assets of this size and scale rarely trade, and it drew investor interest from across the nation.”
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