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Crow Holdings Buys Clackamas Promenade for $60M

CLACKAMAS, OR-The 416,628-sf open-air shopping center here is located across from Clackamas Town Center, a 1.2-million-sf enclosed mall that is slated for a 20% expansion. The Portland office of Trammell Crow has the management and leasing assignment.

By Brian K. Miller | Updated on July 27, 2004

CLACKAMAS, OR-Crow Holdings recently acquired the Clackamas Promenade here for $60 million, according to county records. The open-air shopping center has 416,628 sf of retail space but Target and Mervyns own their buildings, leaving the buyer about 235,000 sf of leasable space. Occupancy at the time of sale was in the high-90% rangeCrow Holdings is the group of international, diversified investment companies that owns and directs the investments of the Trammell Crow Co. family and its investment partners. Crow Holdings acquired the asset under the LLC name CH Realty III/Clackamas. The seller was US Retail Partners, a joint venture between the California Public Employees’ Retirement System and National Retail Partners LLC.Clackamas Promenade is home to about 40 retailers including Target, Mervyns, Nordstrom Rack, Gart Sports, Old Navy, Cost Plus, Olive Garden and Stanford’s. It is located across from Clackamas Town Center, a 1.2-million-sf enclosed mall operated by General Growth Properties that is slated for a 20% expansion.The leasing and property management assignments were handed to the Portland office of Trammell Crow. The assignment takes the Portland TCC office to more than 6.3 million sf under management. Senior property manager Elizabeth Maxwell will be leading the property management team. Marc Starbic and Jim Parsons will be the leasing agents.Parsons tells GlobeSt.com that the Clackamas Promenade has always enjoyed a high occupancy rate, with many tenants there saying the center produces the highest sales per sf of all their stores in the region. There are currently two shop space vacancies in the center, according to Parsons. Annualized triple-net asking lease rates range from $30 to $35 per sf, depending on the size of the lease and the length of the commitment, he says.

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