MEDFORD, OR—HFF has closed the sale of Medford Center, a 335,043-square-foot, movie theater-anchored regional retail center.
The property was marketed on behalf of seller, Kimco Realty Corporation. LBG Realty Advisors, LLC purchased it free and clear of debt.
Medford Center is situated on 30.14 acres at 501-1093 Medford Center along Medford's main Biddle Road retail corridor with direct access to Interstate 5. Most recently renovated in 1997, the center is 87% leased to a variety of national and regional tenants, including Sears, Cinemark Theatres, International Fitness, Ashley Furniture HomeStores, Rogue Air Park and John L. Scott Real Estate.
The HFF investment sales team representing the seller was led by managing director Nicholas Bicardo, director Nick Kucha and real estate analysts Logan Greer and Brandon Rogoff.
“Medford Center received very strong interest from private and institutional buyers targeting non-primary markets,” Bicardo said. “We continue to see no shortage of equity and/or debt capital chasing yield in these types of markets. Medford Center is a great entree into the Pacific Northwest given the size and tenancy. ”
Kimco Realty is a real estate investment trust (REIT) headquartered in New Hyde Park, NY, that owns and operates North America's largest publicly-traded portfolio of neighborhood and community shopping centers. As of September 30 the company owned interests in 814 shopping centers comprising 117 million square feet of leasable space.
LBG Real Estate Companies, LLC is a private real estate investment company actively involved in purchasing and redeveloping value-add and opportunistic shopping centers located in California, Las Vegas, Utah, Michigan and throughout the Western States.
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