Overview
The Offering provides the opportunity to acquire Gateway Plaza, a 90% occupied, 86,560 SF neighborhood shopping center, located near the I-5 on-off ramps in Cottage Grove, Oregon. The Property is comprised of three parcels totaling over 7.09 acres with multiple access points and benefits from synergy with nearby non-competing grocers like Walmart and Safeway, and close proximity to area employers.
The Property is anchored by Bi-Mart, Grocery Outlet, and Dollar Tree, totaling approximately 67% of the GLA. Bi-Mart has operated at the center for 45 years and recently exercised two options, extending their term by 10 years to 2034. Dollar Tree joined the center in 2021 and Oregon Community Credit Union just completed its pad construction and will open its new branch in June 2024.
Investment Highlights
· 10-year extension recently exercised by Bi-Mart and 5-year extension exercised by Grocery Outlet.
· Strong shop tenant leasing activity with 6 tenants recently extending their leases.
· Brand new build-to-suit Oregon Community Credit Union pad located on its own parcel with a 10-year lease and grand opening to occur in June 2024.
· High-quality and complementary co-tenancy with anchors Bi-Mart, Grocery Outlet, and Dollar Tree which drive significant traffic to the center for their sought-after discount business models.
· Strong historical tenancy with roughly 68% of the GLA having occupied the premises for over 10 years.
· Rental upside opportunity in existing under-market leases and upon lease-up of remaining vacancy.
· Close proximity and access to I-5, the main connector to California and Washington.
· Tight box retail market with only one available space 10K+ SF.
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