Western Properties Trust CEO Bradley Blake last week blamed his company’s flat earnings on an increase in both interest rates and operating expenses, and the loss of an anchor tenant in two of the 10 Kienow’s properties it purchased in Portland in 1998.

Four of the properties are free-standing stores, six are multi-tenant shopping malls. Of twelve potential spaces for lease, nine have been committed to – three by QFCs already open, three by Walgreens, two by New Seasons and one by an as yet unnamed “national retailer.”

Two of the three remaining sites were full until six weeks ago, when Ad Mart, a local independent grocer, defaulted, said Western’s chief investment officer Josh Smith. As quick as it happened, however, Smith tells GlobeSt the company has letters of intent for both locations, and that an tenant anouncement on the third is expected in the next week.

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