Safeway to Kick-Start of Murrayhill Marketplace Upgrade

BEAVERTON, OR-Safeway his signed a long-term lease to replace Thriftway in the Murrayhill Marketplace, a 150,000-sf retail center acquired by Regency Centers in 1998. As part of the lease deal, the terms of which were not disclosed, Safeway will begin upgrading the interior and exterior of their 41,000-sf space after Thriftway closes at the end of January.

“Unified Western and Thriftway had the original lease on this location and during the transaction, Regency bought the lease back from Thriftway,” says Craig Ramey, Regency’s locally based senior vice president. Safeway’s renovations should take about four months.

The Murrayhill Marketplace shopping center is located at southwest Osprey Drive and southwest Murray Boulevard in Beaverton. It is in a great location, says Regency SVP Craig Ramey, but it could use a makeover. “This is a first step in revitalizing the shopping center,” Ramey tells GlobeSt.com. “We are considering upgrades to the center that would tie in with the new Safeway.”

The complex is about 90% leased, says Ramey. “We’ve recently lost a couple of retail tenants that have put us below our portfolio average of 97% to 100% occupancy,” says Ramey. “So we’ve had some turnover of late but Safeway will come in and further stabilize things and allow us to attract even more new tenants.”