2190-2438 SE 182nd AvePortland, OR 97233
Rockwood Plaza
97% Occupied Neighborhood Center Anchored By Well-Performing Dollar Tree And Planet Fitness
Overview
The Offering provides the opportunity to acquire Rockwood Plaza, a 92K square foot shopping center located in Gresham, a suburb of Portland, Oregon. The Property is located at the confluence of two major daily-needs arterials, SE Division Street and SE 182nd Avenue, exposed to strong daily traffic counts in excess of 42K. The Property is 97% leased by a diverse and seasoned mix of national & local retailers and anchored by Dollar Tree and Planet Fitness. A number of tenants have recently extended their terms, including a 10-year extension by a strong performing Dollar Tree. Assumable financing is being offered at favorable terms but is not required (please contact Northmarq for more information).
Investment Highlights
- Hard corner of two prominent arterials running through the East Portland/Gresham submarkets.
- Stabilized center at 97% occupancy leased to a dynamic mix discount retail, food, fitness, education, and personal services, providesprotection from popularity of e-commerce retail.
- The Property is being offered well below replacement cost at $174 PSF, allowing an owner to stay competitive on renewals and push rents as options expire.
- New debt provides 8% cash-on-cash.
- Over half of the tenants executed substantial extensions over the last few years, including a 10-year Dollar Tree extension in 2021 and a 10-year Planet Fitness extension in 2023.
- High-density surrounding residential with over 310K residents within a five-mile radius with an average household income of $89K.
- 36% of GLA has been occupied by the same tenancy for over 20 years and 80% for over 10 years.
- Dollar Tree performs well at the center with reported sales roughly double the national average.
- Ingress and Egress provided off SE 182nd and SE Division, the major arterial of SE Division Street that connects East Portland with central Gresham, exposed to more than 42K vehicles per day.
- Owner benefits from discounted property taxes due to nonprofit status of POIC.
- Planet Fitness recently invested over $1M into their space, and Seller just completed an exterior repaint of Dollar Tree and Planet Fitness,and a new pylon sign.
- Existing debt is assumable.
2190-2438 SE 182nd AvePortland, OR 97233
Sales Team
Listing provided by Revere CRE