Go-To Center Grabs Attention for Value-Add

The 296,952-square-foot open-air center Gresham Station has experienced 30% resident growth.

GRESHAM, OR—Since 2000, the trade area surrounding the 296,952-square-foot open-air retail center located at 649 NW 12th St., Gresham Station, has experienced population growth of nearly 30% and continues to be one of the fastest-growing pockets in the Portland MSA, GlobeSt.com learns. Gresham Station’s size, visibility and connectivity has positioned it as the go-to shopping center in the Portland trade area and nearly 1,000 apartment units are located within one block of the retail center.

In a rare trade of a property of this size, Gresham Station recently sold for an undisclosed price to a local investor which has an appreciation of the future value and potential of the asset. The property is 86% leased to tenants including Best Buy, Bed, Bath & Beyond, Old Navy, ULTA and Craft Warehouse.