REI to Line Streets at Tanasbourne

The developer is Continental Real Estate of Columbus, OH. The retail center is designed like an old-style Main Street, with 13 buildings spread over 17 acres. Other retailers committed to the project include Meier & Frank, Abercrombie & Fitch, Victoria's Secret, Coldwater Creek, Mimi Maternity and Pacific Sunwear. Nearby retailers include Target, Barnes & Noble and Old Navy. Meier & Frank, the project's anchor, will open a two-level, 160,000-sf operation at the center, its first new department store in the Portland area in more than 20 years.

The financial terms of REI's lease at Streets at Tanasbourne were not immediately available. Earlier this year, REI announced it will relocate its long-time Jantzen Beach location near the Washingotn-Oregon border to Portland's Pearl District, where it signed a 15-year lease for 35,000-sf on the lower floors of an 11-story warehouse-to-condo coversion with visibility to Interstate 405. Local brokers tell GlobeSt.com the annualized lease rate on that transaction is between $30 per sf and $35 per sf. The project, at Northwest 14th Avenue and Kearney Street, is being developed by John Carroll.

Three other major retail developments in the region are currently courting tenants. The Macerich Company, owner of the 1.25-million-sf Washington Square mall in Tigard, OR, recently announced a 100,000-sf expansion to its property that will be complete by the 2005 holiday shopping season. Opus Northwest of Bellevue, WA is set to start grading for Bridgeport Village, a 29-acre, $150-million lifestyle center also in Tigard that will contain 680,000-sf of retail and office space, including a Oregon's first Crate & Barrel store. Finally, the former Beaverton Mall, owned by Vancouver, WA-based C.E. John Co., is in the midst of a $35-million renovation and expansion of the 775,000-sf mall, now known as Cedar Hills Crossing.