Institutional Investors Keen For East Side Properties
DDR Corp acquired the 296k SF Gresham Station Shopping Center in Gresham from Westlake Realty Group. The deal is another example of institutional commitment to Portland’s emerging east side, says HFF director Nick Kassab.
"Given the dearth of retail offerings of institutional scale available in Portland, the asset received a high amount of attention," Nick tells us. "Opportunities for investors to grow their Pacific Northwest retail allocations are few and far between." Not only that, he adds, the property has "a stellar lineup of investment-grade tenants and excellent curb appeal." HFF repped the seller in the deal.
Gresham Station is 89% leased, with such tenants as Best Buy, Bed Bath & Beyond, Craft Warehouse, Cost Plus World Market, Old Navy and Ulta Beauty (adding up to the very model of a power center). The sale included a 45k SF, single-tenant, triple-net LA Fitness north of the center. DDR acquired the property for an unspecified price, but did so free and clear of existing debt.
