PORTLAND, OR – June 27, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $21.5 million sale of Fourth Plain Center, a 117,143-square-foot, value-add, multi-tenant shopping center in Vancouver, Washington.
HFF marketed the property on behalf of the seller, 4th Plain Center LLC.
Fourth Plain Center comprises four buildings that were most recently renovated in 2006. The center is leased to a mix of professional services, health and fitness, restaurant and retail tenants, including 24 Hour Fitness, Walgreens, Rainwater Insurance, Saigon Restaurant, Children’s Village Day Care, Zenaptic Chiropractic and Sunrise Salon. Situated in northeast Vancouver on 7.96 acres at 2903 NE Andresen Road, 2913 NE 72nd Drive and 2904 NE Burton Road, Fourth Plain Center is visible to approximately 42,241 vehicles per day and is near Interstate 5, which runs into Portland. The property is proximate to some of Vancouver’s most affluent neighborhoods, and more than 112,805 residents earning an average annual household income of $62,740 live within three miles of the center.
The HFF investment sales team was led by director Nick Kassab.
“We are pleased to announce the sale of Fourth Plain Center in Vancouver, Washington,” Kassab said. “The center has a solid list of tenants, including 24 Hour Fitness and Walgreens, and provides value-add upside and optionality via leasing up the vacant former Office Depot box, either to another junior anchor or potentially a specialty grocer. The high amount of interest in the center is another example of the strong demand for good value-add retail properties across the West Coast and here locally in Portland, as well as Vancouver emerging as a suitable location for institutional investment.”
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.