(Editor’s Note: Public records show the sale price was $53.5 million, or approximately $143 per square foot. The property had a $92.5 million real market value, according to public documents, with an assessed value of $51.4 million in 2022.)
San Francisco, CA (March 16, 2023) — Newmark1 announces it has completed the sale of The Streets of Tanasbourne, a 371,791-square-foot outdoor shopping mall located at 19350 NW Emma Way in Hillsboro, Oregon. The asset sold for an undisclosed amount.
Newmark Vice Chairman, Head of Retail Capital Markets Nicholas Bicardo, Vice Chairman, Pacific Northwest Capital Markets Nick Kucha and Associate Director Cheyne Bloch facilitated the transaction. The buyer was Balboa Retail Partners.
“As seen with several lifestyle centers that we have recently marketed and sold on the West Coast, Streets of Tanasbourne attracted a tremendous amount of capital,” said Bicardo. “Streets of Tanasbourne is a top performing asset in the Portland region and offers the buyer a great mix of stable income with strong upside in the anchor and inline suites.”
Currently 93% leased, The Streets of Tanasbourne sits on a 17.7-acre site with a free standing four-level structured parking garage, and is anchored by Macy’s, H&M, REI and Sephora. The property is home to a dynamic mix of national and regional retailers providing an irreplaceable, open-air experience for surrounding residents and employees looking for dining, shopping and services.
Hillsboro is Washington County’s largest city, with a population exceeding 101,000, and is among the oldest communities in the state. With the emergence of the technology sector, as part of the region’s “Silicon Forest,” Hillsboro is home to some of technology’s biggest and brightest names. According to Newmark Research, retail was the only sector to see an annual increase in U.S. investment sales year-over-year with gateway markets leading the retail rankings, particularly LA Metro. Investment sales across all property sectors declined 15% year-over-year at the end of 2022, while retail sales increased by 4% to $85.7 billion, the highest annual total since 2018.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $2.7 billion for the year ending December 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world.