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Strip Center Opposite Fred Meyer Up for Sale

CLACKAMAS, OR-Greenhouse Square, a 74,112-sf center here located east of the I-205-Highway 224 interchange comes to market with a list price of $10.75 million, or about $1.1 million more than it traded for two years ago.

By Brian K. Miller | Updated on June 12, 2005

CLACKAMAS, OR-Greenhouse Square, a 74,112-sf shopping center here is being offered for sale at $10.75 million. Located east of the I-205-Highway 224 interchange and directly across from Fred Meyer, the development is 94% occupied. The asking price is $1.15 million more than it traded for in October 2003. Tenants include Clackadeli, State Farm Insurance, Dollar & More Store, Pet ‘n Pond and Sunshine Pizza. The property also comes with two ground-lease pads, a Wendy’s and a Taco Bell, and room for a third pad, according to Marcus & Millichap broker Michael Kapnick, who has the disposition assignment.Kapnick tells GlobeSt.com the asking price represents a cap rate of 7.07% based on in-place numbers. He adds that the weighted average vacancy rate in the area is less than 2% and hints that rents at the center are under market, providing an opportunity to increase the revenue stream as leases roll.”Greenhouse Square is…located in a submarket that has virtually no retail vacancy,” he says. “With average rents at the property just under $10.50 per sf, this investment offers significant upside potential… .”Kapnick declined to get specific about the seller. According to public documents, the owner is Greenhouse Square LLC, an entity that includes HNC Holdings LLC, whose managing member is Harold N. Cox. Cox is the president of Morgan, Cox & Slater Ltd., a regionally based, commercial real estate services company.

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