The center is located on Highway 43 (Main Street) just south of A Street, which is a major east-west corridor through the upscale Lake Oswego community. After 18,000-sf of new and renewal activity over the final two months of the year, the property was 98% leased heading into 2003. GMS tied it up in January.The listing broker, Lou Lauman of CB Richard Ellis tells GlobeSt.com he has significant interest from every buyer type, from institutional buyers to syndicators to private investors. "It's a very healthy market for grocery-anchored shopping centers," says Lauman, whose investment team includes Raymond Duchek and Kevin Adatto. "And in Lake Oswego, the vacancy rate is under 4%."
Dan Stein, one of the CB Richard Ellis brokers who leased it up at the end of 2002, said at that time that the center's annualized triple-net asking rates -- between $14 per sf and $21 per sf -- had actually gone up in some cases due to multiple bidders for the same space.
"It's a desirable center in a very desirable area," Stein told GlobeSt.com at the time. "It is one of the few grocery-anchored retail centers in Lake Oswego with modern retailer such as Noah's Bagels, Jamba Juice, Taco Bell and Subway."
The most recent transaction was a renewal and expansion by Tuesday Morning Inc. The discounter of high-end merchandise expanded from 5,200 sf to 6,137 sf. Kosta, Choate & Pierson, a physical therapy clinic, also renewed and expanded from 3,000 sf to 4,747 sf. As well, Palm Beach Tanning signed on for 2,900 sf, Wiltshire Jewelers signed on for 1,130 sf, Clear Choice Wireless signed on for 1,125 sf. Nanny B's, a children's clothing store, and Nova Travel also signed leases toward the end of the year. Ace Hardware is also a major tenant in the center.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
