By Kate Snyder
Gresham’s retail market could soon see an increase in sales activity after the listing of a shopping center. Rockwood Plaza has hit the market for $16.6 million, or approximately $180 per square foot, according to marketing information from CPX Properties, which has the listing. CPX’s Kevin Adatto and Sean Tufts are the brokers for the property.
According to public records, the property owner is an entity affiliated with CCA Acquisition Company, a fully-integrated investment, development and management firm based in Los Angeles, Calif. The company purchased the asset in 2018 for $11 million, or about $119 per square foot.
Located at 2190 and 2438 SE 182nd Ave. and 18415 SE Division St., the property totals about 92,000 square feet. SE Division Street and SE 182nd Avenue are two of the city’s major daily-needs arterials and provide connections to east Portland. The streets are exposed to more than 42,000 vehicles per day, according to CPX. The surrounding area is high-density residential with more than 310,000 residents within a five-mile radius that average a household income of about $89,000.
The shopping center is 97 percent leased by a mix of both national and local retailers offering discount retail, food, fitness, education and personal services. The property is anchored by Dollar Tree and Planet Fitness. According to CPX, more than half of the tenants executed lease extensions in the past few years, including a 10-year extension from Dollar Tree in 2021 and a 10-year extension from Planet Fitness in 2023.
Gresham has seen other retail properties trade hands recently.
Earlier this year, the Oregon Trail Center, located at 2077-2279 NE Burnside Road, was sold by an entity associated with Jericho, NY-based Kimco Realty for $30.9 million, or about $148 per square foot, according to The Registry’s previous reporting. The buyer was Rhino Acquisitions, LLC. Oregon Trail Center is a 208,000 square foot shopping center positioned on more than 18 acres. The property was 81 percent leased at the time of sale.
Overall, Portland’s retail landscape has recently seen increased sales prices in spite of a fall in sales volume. According to CBRE’s recent Portland Metro Retail 2Q 2023 report, despite the area’s quarter-over-quarter decline in shopping center sales volume, there was a discernible upswing in the average sale price per square foot, achieving $265 on average.
