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GRESHAM, OR-Watumull Properties of Honolulu has sold a 112,000-sf retail center here to Portland-based real estate investor Barry Menashe for $6.3 million.

Built 20 years ago on nine acres at the busy intersection of Southeast 242nd Avenue and Stark Street, College Square Shopping Center has 20 tenants and is 80% leased. It is anchored by a Bi-Mart. Availability includes a grocery store space formerly occupied by Albertson’s, which moved to a new project about one mile away.

Menashe tells Globest.com the investment has a capitalization rate of 9% based on in-place rents. Asking rent at the mall is $8 per sf for a larger anchor space and around $16 per sf for shop space. The sale closed last week. No new leases have been signed since the sale closed, but a national tenant has expressed interest in a 15,000-sf space, says Menashe, whose small in-house staff handles management and leasing of all his local properties.

With good properties hard to find in Portland these days, Menashe says he discovered the College Station opportunity only after offering a free trip to Hawaii to the broker who brings him a property that he closes on before the end of the year. Menashe sent out a broadcast email via Scott Napier’s Real-Net service and then doubled up on that by sending out direct mail brochures to brokers all over the region. The broker who brought him the property was Bob Niehaus of Niehaus Properties.

“I just wanted to get a few apples to fall from the tree,” says Menashe, who is still aggressively looking for new acquisitions. “I was glad to pay off.”

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