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Source: Nashville Business Journal

A New York real estate investor has pumped some heavy commercial financing into the Portland, OR area, purchasing five local shopping centers in transactions valued at $90.1 million.

Purchase, N.Y.-based Retail Opportunity Investments Corp. (Nasdaq: ROIC) said Monday it closed a deal to purchase Vancouver Market Center for $11.19 million. The all-cash deal closed June 17.

It also entered a contract to purchase four shopping centers in the greater Portland area for approximately $79 million.

Vancouver Market Center is anchored by an Albertsons grocery store and includes approximately 118,466 square feet. Its overall occupancy rate is 96%.

The deals under contract include:

  • Cascade Summit Shopping Center. The 94,924-square-foot shopping center in West Linn is anchored by a Safeway grocery store and is 95.1 percent occupied. The buyer will assume the current $7.2 million loan on the property.
  • Heritage Market Center is a 107,471-square-foot retail center in Vancouver and is anchored by a Safeway grocery. It is 94.1 per cent occupied. The $20 million sale includes $8.3 million in cash and assumption of a $11.6 million loan.
  • Happy Valley Town Center is a 135,422-square-foot shopping center anchored by new Seasons Market. The center is 89.6 percent occupied. The all-cash price is approximately $40.5 million.
  • Oregon City Point is a 33,305 square foot retail center near the entrance to Clackamas Community College. It is 80.8 percent occupied. The all-cash price is $12.1 million.

Retail Opportunity Investments owns and operates shopping centers in densely populated middle- and upper-income markets. Its portfolio includes eight shopping centers with a total of 739,000 square feet.

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My Take: In a time when commercial real estate loans, small business funding, and the high cost of payroll services just to keep the lights on are keeping realtors and investors out of the commercial real estate sector, this is good news. This guy obviously didn’t get a small business loan, and likely doesn’t have to worry about how to cover the costs of payroll solutions or other things small business owners do. But, one thing is for certain, with the rising scrutiny of commercial mortgage loans going on these days, his deal was likely carefully watched by the commercial real estate community and the lending sector. Lets hope it doesn’t fall through. Oregon’s commercial sector needs a shot in the arm.


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