PORTLAND, WA - Johnson Creek Shopping Center, located in the Portland east side suburb of Clackamas just off of I-205, sold for $21.5 million, which is $193 per square foot.
GVA Kidder Mathews' commercial real estate investment brokers Bill Burton and Craig Spinks represented both the buyer, Phillips Edison, and the seller, Hawkins Companies, in the all-cash transaction, which was the first non-portfolio deal of its magnitude in Greater Portland since 2008. The Johnson Creek Shopping Center is anchored by Trader Joe's, Walgreens, Bank of America, and Wholesale Sports. The center's anchor tenancy and prime location make it an attractive institutional-grade investment.
"Things are finally loosening up in the multi-tenant retail sector of the commercial real estate market. Where willing and motivated sellers can be found, there are public and private funds ready to make deals," said Bill Burton, vice president at GVA Kidder Mathews. "Would-be sellers of multi-tenant retail shopping centers appear to have been trying to wait out the market downturn before selling. However, the lack of quality institutional product on the commercial market has caused an inverse reaction in that prices have remained steady at reasonable market levels and created an overwhelming demand for the product due to a lack of supply."
About Buyer: Phillips Edison is a retail real estate company that purchases under-performing, community-based properties and increases their value through leasing, management, and redevelopment. The Johnson Creek Shopping Center in a suburb of Clackamas County is the investor's seventh property in Oregon. The company owns more than 25 million square feet of neighborhood shopping centers.
About Seller: Hawkins Companies is a retail-focused, full-service real estate firm that has developed more than 9.2 million square feet of retail space, and manages 3.6 million square feet of commercial space.
About GVA Kidder Mathews: GVA Kidder Mathews is one of the largest independently owned commercial real estate firms on the West Coast, with more than 200 brokers in 9 offices in Washington, Oregon, and California performing $6 billion in transactions over the last 3 years. For more information, go to: www.gvakm.com
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