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| 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.
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| 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
