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| Larry Weese |
MEDFORD, OR – Citivest Commercial LLC, a California-based commercial
real estate firm that specializes in value-add retail investments, has acquired
the Jackson Creek Center, a
grocery-anchored, 87,847 square-foot shopping center in the rapidly growing
submarket of Medford, Oregon. This is the firm’s first acquisition in Oregon.
“Medford is experiencing
an economic resurgence,” says Larry
Weese, President of Citivest Commercial.
“Fueled by increased confidence in the local
economy, the City of Medford has invested in numerous developments and created
hundreds of new jobs in the manufacturing and distribution industries. With a
population of 210,000 people and counting, the Medford MSA is the fourth
largest metropolitan area in Oregon, and is poised for continued economic
growth.”
Anchored by Albertsons,
the center features a diverse mix of 13 national and regional retailers in the
food, entertainment, and professional service industries. Seven tenants offer grocery or food-related
services, while other tenants offer nail care, dental care, medical/beauty
services, and on-site gaming, among others.
“The Jackson Creek Center
is the only daily needs retail center in the local Medford community, providing
food and service-oriented offerings that are not significantly impacted by the
ever-increasing rise of e-commerce,” continues Weese. “By acquiring this
internet-resistant center, we will be able to leverage the asset’s long-term
stability and resiliency to drive strong yields.”
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| Jackson Creek Center, 2290--2380 Main Street, Medford, OR |
Originally built in 2000, the
Jackson Creek Center, which was 96.5 percent occupied at acquisition,
demonstrates deep potential for value creation, according to Weese, who points
to the existing vacancy and below-market rents as opportunities for a value-add
strategy.
Citivest plans to renew and
reposition the property, which has not been renovated since 2000, in order to
increase the center’s value and maximize rent appreciation, capitalizing on the
growth of the emerging Medford region. New national tenants have expressed
interest which will contribute to the further success of the center.
“Ultimately, this acquisition meets
all of our investment criteria: value-add opportunity and location in a high
barrier-to-entry submarket with strong upside potential,” confirms Weese.
“Further, we were able to acquire the asset well below replacement cost, at an
attractive cap rate, which outpaces comparable center cap rates throughout the
Pacific Northwest.”
Weese notes that Citivest Commercial
continues to target additional retail investment opportunities in the Oregon
market.
The property is located at 2290-2380 Main St. in Medford, Oregon,
situated along the I-5 freeway in the southwest region of the city. The seller,
JS Western, was the original developer of the center. Citivest acquired the
property for $5.385 million.
For a complete copy of the company’s news release,
please contact:
Katie Kea / Jenn Quader
Brower, Miller & Cole
(949) 955-7940
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