Two retail sales centers sell for big bucks
Two high-performing retail centers in their respective markets have finalized deals to change ownership — one in the northeast Wood Village and the other in the southwest McMinnville.
The high-dollar sales follow many seen in recent years around the Portland metro area, including the Jantzen Beach Center.
Wood Village Town Center and McMinnville Plaza have both changed ownership.
Capital Pacific represented the buyer and seller on both transactions.
"At this point, it looks like these are the two largest retail sales in the State of Oregon so far in 2018," said Lance Sasser, director of research and analytics at Capital Pacific.
Wood Village Town Center, a 139,831 square foot complex, was sold for $26.6 million. It was originally built in 2007 as a single-level open-air community shopping center located at Northeast 223rd Avenue and Northeast Glisan Street on 28.27 acres of land.
The seller was Wood Village GARP, LLC. The buyer Wood Village Retail I, LLC, and this is its first retail acquisition in the Pacific Northwest.
The sale included the Kohl's at the center, which is shadow anchored by the nearby Fred Meyer and Lowe's stores.
As for McMinnville Plaza located along Norton Lane, it sold for $17.4 million to March Hare, LLC & McMincenter, LLC. The seller was REEF McMinnville Plaza, LLC.
Originally built in 1984, the shopping center totals 135,873 square feet. The sale included the Ross, Petco, TJ Maxx and JC Penney stores, and the center is shadow anchored by the nearby Safeway grocer.