Sperry Van Ness recently brokered the sale of Trails End Marketplace, a 102,395-square-foot retail center in Oregon City, Ore.
Clackamas-based Emmert International sold the property to Redwood City, Calif.-based Matteson Real Estate Equities Inc. for $30.5 million. The purchase price was a record $298 per square foot for a grocery-anchored center in the Portland/Vancouver metro area, according to a press statement.
Built in 2000, the five-building property with a gas station is situated on 11.4 acres at 19721 Highway 213. At the time of sale, the property was 96 percent occupied. The anchor tenant is Haggen Food & Drug with other tenants including: Quiznos, Cold Stone Creamery, First American Title, Coldwell Banker, State Farm, Carl’s Jr., and others.
The property was marketed for six months and generated numerous offers with the final buyer being a private equity group from California who used the transaction as part of a 1031 exchange.
Irvine, Calif.-based Sperry Van Ness is one of the largest commercial real estate investment brokerage firms in the United States with more than 700 advisors in 35 states.