CBRE Arranges Sale of 146,888 SF Former Sears Property
August 16, 2023
CBRE has arranged the sale of a 146,888 square foot retail property located at 11800 SE 82nd Ave in Happy Valley, OR. The property is physically attached to, but legally separate from, the 1.4 million square foot Clackamas Town Center regional mall, the second highest performing mall in Oregon.
CBRE’s Dino A. Christophilis and Daniel Tibeau represented the Seller in the transaction. The purchaser was a private investment group based in Houston, Texas.
After Sears vacated in 2018, DICK’S Sporting Goods partially backfilled the building in 2019, opening for business in October 2020. The remainder of the 146,888 SF building remains vacant, including two 15,000 SF ground-level retail areas, and a 64,400 SF upper-level commercial area – both formerly occupied by Sears. The buyer will look to lease-up the vacant areas with new retailers.
The Clackamas submarket is the retail hub in the eastern Portland MSA, representing the largest concentration of retail uses in the market. Clackamas Town Center is also the final destination along the MAX Light Rail Transit System offering direct rail service to downtown Portland and to the employment centers at the western edge of the city.
“After Sears vacated in 2018, the Seller secured DICK’S Sporting Goods to partially back-fill the building. The purchaser inherits a timeless location adjacent to the light rail and the potential to back-fill the remainder of the building with new retailers,” said Dino Christophilis. “This is an exciting value-add opportunity that highlights the potential and flexibility of well-located retail. We are delighted for both the buyer and seller.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.