Monday, July 17, 2017

HFF closes $21.5 million sale of Vancouver, WA shopping center


Fourth Plain Center, Vancouver, WA
                                                                                                              (Photo by Red Studio Inc.)


PORTLAND, OR  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $21.5 million sale of Fourth Plain Center, a 117,143-square-foot, value-add, multi-tenant shopping center in Vancouver, Washington.

HFF marketed the property on behalf of the seller, 4th Plain Center LLC. 

Fourth Plain Center comprises four buildings that were most recently renovated in 2006.  The center is leased to a mix of professional services, health and fitness, restaurant and retail tenants, including 24-Hour Fitness, Walgreens, Rainwater Insurance, Saigon Restaurant, Children’s Village Day Care, Zenaptic Chiropractic and Sunrise Salon. 

Situated in northeast Vancouver on 7.96 acres at 2903 NE Andresen Road, 2913 NE 72nd Drive and 2904 NE Burton Road, Fourth Plain Center is visible to approximately 42,241 vehicles per day and is near Interstate 5, which runs into Portland. 

Nick Kassab

The property is proximate to some of Vancouver’s most affluent neighborhoods, and more than 112,805 residents earning an average annual household income of $62,740 live within three miles of the center.

The HFF investment sales team was led by director Nick Kassab.

“We are pleased to announce the sale of Fourth Plain Center in Vancouver, Washington,” Kassab said.  “The center has a solid list of tenants, including 24 Hour Fitness and Walgreens, and provides value-add upside and optionality via leasing up the vacant former Office Depot box, either to another junior anchor or potentially a specialty grocer. 

“The high amount of interest in the center is another example of the strong demand for good value-add retail properties across the West Coast and here locally in Portland, as well as Vancouver emerging as a suitable location for institutional investment.”

For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Specialist
HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com


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