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| Jantzen Beach Center, Portland, OR (Photo by Michael Walmsley) |
PORTLAND, OR –– Holliday
Fenoglio Fowler, L.P. (HFF) announced it has closed the $131.75 million sale of
Jantzen Beach Center, which, at
758,414 square feet, is one of the largest retail centers in the state of
Oregon and the dominant shopping destination in Portland.
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| Nick Kassab |
HFF marketed the property
on behalf of the seller. Kimco Realty
Corp. purchased the center free and clear of any existing debt.
Completed in 1972, Jantzen
Beach Center has received more than $40 million in renovations and upgrades
between 2010 and 2014.
The center is 96
percent leased to a variety of national and regional retailers, including Best
Buy, DSW, Ulta Beauty, T.J. Maxx, Panera Bread, Burlington, Home Depot, Petco,
Michaels, Famous Footwear and Stanford’s Restaurant.
Additionally, Target and Cracker Barrel occupy
ground leases at the center. Situated on
66.793 acres at 1405 Jantzen Beach Center in northern Portland near the
Oregon-Washington border, the center pulls visitors from more than 70 miles due
to Oregon not charging sales tax.
Approximately 907,970 residents earning an
average annual household income of more than $86,400 live in the center’s
primary 10-mile trade area radius.
The HFF investment sales
team representing the seller was led by Nick
Kassab and Brian Ley.
 |
| Bryan Ley |
"We are excited to
announce the sale of Jantzen Beach Center in Portland, Oregon,” Kassab
said. “Jantzen Beach Center is the
largest open-air center in the state and one of the top shopping destinations
in Portland, benefiting from a vast trade area.
“Strategically located on the
Oregon/Washington border and with an impressive list of high-quality retailers,
the center pulls customers from the nine-percent-sales-tax state of Washington
into the no-sales-tax state of Oregon.
“Given that opportunities
to acquire a top-performing center of this size and scale in the Pacific
Northwest are few and far between, the sale received significant interest from
institutional investors across the country."
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 | hfflp.com
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