Seaside Factory Outlet Center Sells for $16M

SEASIDE, OR-A 117,231-sf factory outlet center on Highway 101 here has traded hands for about $16 million. Seaside Factory Outlet Center was sold by Seaside LLC, a group of investors whose managing partner is Graham Bryce of Portland, OR. The group developed the asset and has owned and managed it for the past eight years. The new owners are Ted and Jennifer Cooper, a couple from San Jose. The property is their first investment outside of California.

The original asking price for the property was $16.7 million. At the time of sale, it was 94% occupied by 25 tenants, including Nike, Eddie Bauer, Liz Claiborne, Jones New York, OshKosh B’Gosh and Famous Footwear. Broker David Caldwell, president of West Coast Investment Realty, handled the disposition for Seaside LLC. Len Davis of Savannah, GA-based Davis Investments represented the buyer, which has hired Portland-based Elliot & Associates to manage the property.

Caldwell says the center has successfully drawn visitors from the Portland/Vancouver metro area and other western Oregon communities, as well many from western Washington State attracted by the lack of a sales tax and easy public beach access. Additionally, the opening last year of the new Trendwest timeshare project has given Seaside a huge increase in visitors and a broader national exposure, increasing traffic to the outlet center.