Gresham, OR (September 26, 2018) – NKF Capital Markets has announced the sale of a 296,952-square-foot open air retail center located at 649 NW 12th Street in Gresham, OR. Known as Gresham Station Shopping Center, the property is 86 percent leased to best-in-class tenants that include Best Buy, Bed, Bath & Beyond, Old Navy, ULTA, Craft Warehouse, among others.
NKF Capital Markets Vice Chairmen Nicholas Bicardo and Nick Kucha, and Managing Director Brandon Rogoff represented the seller Retail Value, Inc. to the buyer Harsch Investment Properties.
“Gresham Station is one of the larger retail shopping center transactions to occur in the Portland metro area this cycle,” said Bicardo. “Assets of this size and scale rarely trade and it drew investor interest from across the nation. The depth of the buyer pool demonstrates that well-located retail assets can still command high levels of interest despite what the media may suggest. Ultimately, the buyer who beat out the competition was a prodigious local investor who understood the advantages.”
In addition to the core property, the transaction includes a free-standing 45,000-square-foot LA Fitness on a long-term lease that is located north on a separate parcel. Gresham Station’s size, visibility, and connectivity has positioned it as the go-to shopping center in the Portland trade area. Nearly 1,000 apartment units are located within one block of Gresham Station. Since 2000, the trade area surrounding Gresham Station has experienced population growth of nearly 30 percent and continues to be one of the fastest growing pockets in the Portland MSA.
About NKF Capital Markets
NKF Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 16,000 professionals operate from approximately 430 offices in established and emerging property markets on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.