HFF closes sale of retail strip center in Portland, Oregon
PORTLAND, OR – June 5, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Southgate Shopping Center, a 50,826-square-foot, value-add, multi-tenant retail strip center in the Southgate area of Portland, Oregon.
HFF marketed the property on behalf of the seller, ML Commercial Properties, Inc. A private buyer purchased the shopping center.
Southgate Shopping Center is 97 percent leased to 10 tenants, including Office Max, HobbyTown, Round Table Pizza, Starbucks, H&R Block, Arby’s and Spring Mobile. Situated on 3.4 acres at 10317-10465 SE 82nd Avenue, the center is positioned at the signalized intersection of SE King Road and SE 82nd Avenue in Southgate, a portion of the southward extension of Portland that sits directly along the historic wagon trails. The center is proximate to Highway 213 and accessible from Interstate 205. More than 130,278 residents earning an average annual household income of $71,118 live within three miles of Southgate Shopping Center.
The HFF investment sales team was led by directors Brian Hanson and Nick Kassab.
“Competition was stiff, showing the market’s significant appetite for well-positioned, value-add retail opportunities,” Hanson said. “The buyer plans to leverage its retail relationships and experience to upgrade the center and capitalize on the recent positive demographic shift in a historically strong retail location.”
About ML Commercial Properties, Inc.
Founded in 2006, ML Commercial Properties, Inc., owns and asset manages 28 investment properties throughout the country. These investment properties include apartment buildings, shopping centers and one hotel.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.