Vancouver, Wash., Retail Trades For $21.5M In Value-Add Play
Retail might be having a hard time (or maybe not), but even so investors still seem interested in retail property in strong markets with space to fill with strong tenants — such as the 117K SF Fourth Plain Center in Vancouver, Washington. The property recently traded for $21.5M, sold by a local LLC to a private investor.
"The high amount of interest in the center is another example of the demand for good value-add retail properties across the West Coast and here in Portland, as well as Vancouver emerging as a suitable location for institutional investment,” HFF Director Nick Kassab said. HFF marketed the property on behalf of the seller.
He said the property provides value-add upside via leasing up the vacant former Office Depot box, either to another junior anchor or potentially a specialty grocer.
Fourth Plain Center comprises four buildings that were most recently renovated in 2006 on about eight acres at 2903 NE Andresen Road, 2913 NE 72nd Drive and 2904 NE Burton Road.
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.
