Falcon Sells Retail Asset in Suburban Portland
Falcon Real Estate recently closed on the sale of a retail center in Gresham, Oregon. The sale of the property, commonly known as Gresham Square Shopping Center, closed on June 16, 2014 at a price of $9,150,000. The buyer of the property was a real estate developer based in San Francisco, CA. Capital Pacific, a regional brokerage firm that specializes in retail property sales, represented the seller in the transaction.
Gresham Square Shopping Center is a 124,938 square foot community shopping center located in the Portland, Oregon suburb of Gresham. This one-story, multi-tenant property was originally built in 1968 and then was later expanded and remodeled in several phases in subsequent years. The center was constructed using a combination of wood frame, steel frame & masonry and concrete tilt-up panels in conjunction with aluminum and glass storefronts. The property sits on 8.79 acres of land and has 403 parking stalls, which is equivalent to 3.2 spaces to 1,000 rentable square feet. Major tenants occupying the center at the time of the sale included JR Furniture, Kaiser Dental, Tuesday Morning, Providence Healthcare, Wunderland, and Red Lobster. Falcon advised the former owner on the 2003 acquisition and has overseen the management of the asset ever since.