167,000-SF Wilsonville Town Center Trades for $30M

WILSONVILLE, OR-The 166,829-sf Wilsonville Town Center has changed hands for $29.9 million. The seller was the developer, Portland-based Capital Realty Corp. The new owner is S-P Murdy, an LLC registered in California. The sale closed in late December. The broker in the transaction, Lou Lauman of CB Richard Ellis, tells GlobeSt.com that despite use of the California LLC, the new owner is an Oregon-based family-owned business. He declined to be more specific, citing a client request. The agent for the LLC, attorney Bruce E. Harrington of Newport Beach, CA, could not be reached for comment.Built in the early 1990s on 21 acres, Wilsonville Town Center is anchored by Lamb's Thriftway and Rite Aid, both of which do very well at the location, says Lauman. In addition, the property includes an existing pad suitable for an additional 31,000-sf retail building that was laid with the original development but never developed. Vacancy at the center is about 4%, he says.Lauman says the success of the tenants, the low vacancy and the opportunity for additional development helped the seller achieve the seemingly high purchase price. Indeed, Lauman says the sale marks the first time a grocery- and drug-anchored neighborhood shopping center in the Portland area has sold at a sub-7% capitalization rate.Lauman was assisted in the transaction by fellow CBRE brokers Raymond Duchek, Dan Stein, David Demers, & Brock Switzer.