Trail's End Marketplace Trades for Record $298/SF

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OREGON CITY, OR-Trail’s End Marketplace, a 102,395-sf grocery-anchored retail center here has changed hands for $30.55 million or $298 per sf, which translates to a cap rate of about 6.4%. Completing an IRS 1031 exchange, Redwood City, CA-based Matteson Real Estate Equities Inc. acquired the property from Clackamas, OR-based Emmert International. The deal included the assumption of a conduit loan with a 5.1% interest rate.

Trail’s End was built in 2000 on 11.4 acres in the 19700 block of Highway 213 and was 95% occupied at the time of sale. It consists of four one-story brick buildings. The anchor tenant is Haggen Food & Drug. Other tenants include Quiznos, Cold Stone Creamery, First American Title, Coldwell Banker, State Farm, Wilco farm supply store and Carl’s Jr. Wilco and Carl’s Jr. are on ground leases.