LAKE OSWEGO, OREGON (March 30, 2023) — CPX announced another $30M+ sale in its retail asset line, Oregon Trail Center, located at 2077-2279 NE Burnside Rd, Gresham, OR, 97030. Sold by KRC Oregon Trail LLC (Ed. note: this entity is associated with Jericho, NY-based Kimco Realty) and purchased by Rhino Acquisitions, LLC for $30,850,000 (just over $148 per square foot), both sides were represented by CPX Managing Partners Kevin Adatto and Sean Tufts.
Oregon Trail Center is a 208,000 SF shopping center located on the major thoroughfare of E Burnside in Gresham, Oregon. The center sits on more than 18 acres and is anchored by Big Lots, Dollar Tree, Marshalls, Michaels, and Office Depot. Pad buildings include Chipotle, Dairy Queen, Firestone, Shari’s, and Starbucks.
The property was 81% leased at the time of sale and presented a value-add opportunity for the new buyer both in lease-up of current vacancies and in parceling off or repurposing pad buildings.
Kevin Adatto, Managing Partner of CPX, who represented both sides of the sale, said, “At a time of uncertainty in the overall market, a sale like this would not have been possible without the deep relationships, creativity, and reasonableness from everyone involved. We are proud to have helped two long-term clients see this transaction through.” Adatto added, “Retail has remained incredibly resilient during the pandemic and is positioned better than most asset classes in light of the heightened interest rate environment.”
CPX has brokered multiple other centers in the immediate area, recently including the Walmart-anchored Powell Valley Junction, and is currently marketing another 560,000 SF of shopping centers in the Gresham market.
CPX is a Pacific Northwest-based commercial real estate investment firm specializing in retail, multifamily, and manufactured housing. Our curated team of industry experts and seasoned brokers support and guide clients through the CRE investment process. Our long-standing relationships and innovative technology approach to sharing the latest, deepest market intel provides our clients with better outcomes.