July 13, 2017
New Hyde Park, NY-based Kimco Realty Corp. acquired Jantzen Beach, a 746,000-square-foot, open-air shopping center in Portland, OR for $131.8 million. The 96%-occupied property is located at 1405 Jantzen Beach Center, on 67 acres along Interstate 5 and the Willamette River.
“Jantzen Beach is a flagship asset located in a coastal, in-demand market with significant barriers to entry,” said Kimco Realty’s Ross Cooper. “This asset exemplifies a key component of our strategic 2020 Vision to upgrade the quality of our portfolio with selective acquisitions funded by disposition proceeds.”
The Jantzen Beach site has two outparcels for 6,000-square-foot pad buildings, and offers mixed-use densification opportunities via flexible zoning. The center also offers strong mark-to-market upside from several below-market anchor leases.
HFF’s Nick Kassab and Brian Ley marketed the property on behalf of the seller, the State of Michigan Retirement System fund, which was advised by South Carolina-based Edens Development.
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