PORTLAND, Ore.--(BUSINESS WIRE)--Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $131.75 million sale of Jantzen Beach Center, which, at 758,414 square feet, is one of the largest retail centers in the state of Oregon and the dominant shopping destination in Portland.
HFF marketed the property on behalf of the seller. Kimco Realty Corp. purchased the center free and clear of any existing debt.
Completed in 1972, Jantzen Beach Center has received more than $40 million in renovations and upgrades between 2010 and 2014. The center is 96 percent leased to a variety of national and regional retailers, including Best Buy, DSW, Ulta Beauty, T.J. Maxx, Panera Bread, Burlington, Home Depot, Petco, Michaels, Famous Footwear and Stanford’s Restaurant. Additionally, Target and Cracker Barrel occupy ground leases at the center. Situated on 66.793 acres at 1405 Jantzen Beach Center in northern Portland near the Oregon-Washington border, the center pulls visitors from more than 70 miles due to Oregon not charging sales tax. Approximately 907,970 residents earning an average annual household income of more than $86,400 live in the center’s primary 10-mile trade area radius.
The HFF investment sales team representing the seller was led by Nick Kassab and Brian Ley.
“We are excited to announce the sale of Jantzen Beach Center in Portland, Oregon,” Kassab said. “Jantzen Beach Center is the largest open-air center in the state and one of the top shopping destinations in Portland, benefiting from a vast trade area. Strategically located on the Oregon/Washington border and with an impressive list of high-quality retailers, the center pulls customers from the nine-percent-sales-tax state of Washington into the no-sales-tax state of Oregon. Given that opportunities to acquire a top-performing center of this size and scale in the Pacific Northwest are few and far between, the sale received significant interest from institutional investors across the country.”
About Kimco Realty Corp.
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that is one of North America’s largest publicly traded owners and operators of open-air shopping centers. As of March 31, 2017, the company owned interests in 517 U.S. shopping centers comprising 84 million square feet of leasable space across 34 states and Puerto Rico. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for more than 50 years. For further information, please visit www.kimcorealty.com, the company’s blog at blog.kimcorealty.com, or follow Kimco on Twitter at www.twitter.com/kimcorealty.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.