Markley, a Portland-based owner of retail and industrial properties in the Pacific Northwest, acquired the property through his company, Markley Enterprises. The seller is listed as Northwest Real Estate Development Fund I, which is a group of investors led by Louis Scherzer.
At 14415 SE Mill Plain Blvd., the center sits adjacent a 56.8-acre mixed-use project to be developed by Opus Northwest on the site of Evergreen Airpark. Mountain View anchor tenants include Juan Colorado's restaurant, Oregon Hot Springs Spas, Edward Jones and Domino's Pizza. The center's occupancy at the time of sale was 100%.
Brokers Bill Burton and Andrew Harnish of Cushman &Wakefield represented Markley Enterprises. Lou Elliott of Commercial Realty Advisors represented Northwest Real Estate Development Fund I. Burton tells GlobeSt.com that the center was not on the market. "There's not a lot out there on the market but people are digging them up," says Burton, who rooted out the opportunity at Markley's behest.
According to the latest report by Norris Beggs & Simpson, the overall retail vacancy rate remained fairly stable at 5.5% during the third quarter, and developers continue to add space to the market.
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