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Lake Oswegos Mercantile Village changes hands


A prime piece of real estate property has changed hands in Lake Oswego.

Capital Pacific recently finalized a transaction for Mercantile Village at 3970 Mercantile Road. Pacific Premier Investments LLC of Portland bought the 16,483-square-foot retail shopping center for $3.65 million from a group of individual investors in Portland.

The bidding process for the center showed how the real estate market in Lake Oswego has vastly improved over recent years.

“Being able to generate 15 offers is indicative of the continuing improvement of the real estate market,” said Jake Raiton, finance and operations director for Capital Pacific. “It is in a good location and there was a lot of interest.”

“I live in Lake Oswego and our office is a stone’s throw away from the property,” said Michael Horwitz, one of the lead brokers on the deal. “We were very familiar with the details of the deal and area.

“We focus on West Coast commercial real estate, and this property garnered interest from all over the Northwest.”

The shopping center has room for nine business operations. Raiton said Mercantile Village should largely remain the same, except for the addition of a chocolate shop and a cafe.