Menashe Buys 112,000-SF Retail Center

GRESHAM, OR-Watumull Properties of Honolulu has sold a 112,000-sf retail center here to Portland-based real estate investor Barry Menashe for $6.3 million.

Built 20 years ago on nine acres at the busy intersection of Southeast 242nd Avenue and Stark Street, College Square Shopping Center has 20 tenants and is 80% leased. It is anchored by a Bi-Mart. Availability includes a grocery store space formerly occupied by Albertson’s, which moved to a new project about one mile away.

Menashe tells Globest.com the investment has a capitalization rate of 9% based on in-place rents. Asking rent at the mall is $8 per sf for a larger anchor space and around $16 per sf for shop space. The sale closed last week. No new leases have been signed since the sale closed, but a national tenant has expressed interest in a 15,000-sf space, says Menashe, whose small in-house staff handles management and leasing of all his local properties.