Northbrook, Ill.-based Pine Tree, in partnership with a U.S. state pension fund, acquired Sunset Esplanade, a 269,710-square-foot neighborhood shopping center located in the growing and highly desirable Hillsboro submarket of Portland, Oregon. Situated along the trade area’s main thoroughfare, SE Tualatin Valley Highway, Sunset Esplanade features prominent retailers Target, Safeway, Ross Dress for Less, Petco, and Starbucks, among others.
The Pine Tree partnership acquired the property for $65.9 million ($244 per square foot). Sunset Esplanade represents Pine Tree’s second acquisition in the Portland MSA.
Sunset Esplanade is located within Portland’s highly managed Urban Growth Boundary (UGB). The UGB restricts development outside of its boundaries while carefully controlling development within its boundaries, essentially limiting any new near-term retail development. Neighboring a recently expanded 640-acre industrial development area designed principally for supply-chain vendors serving the nearby Intel campus, as well as Reed’s Crossing, the single largest residential development in Oregon’s history, the shopping center is well-positioned to benefit from the area’s expected economic growth.
“We’re extremely proud and excited to be a part of the future of this strong community center in a fantastic and growing market like Portland,” said Conor Bossy, EVP, Director of Acquisitions at Pine Tree. “We look forward to leveraging our team’s extensive retail expertise to strengthen what is one the area’s most important retail assets, while connecting with and serving the Hillsboro community.”
Sunset Esplanade was brokered by Faris Lee Investments and represents Pine Tree’s latest acquisition in its growing West Coast presence.