CBRE Facilitates $25 Million Sale of Grants Pass Shopping Center in Oregon

CBRE arranged the sale of Grants Pass Shopping Center in Oregon for $24.65 million.

CBRE’s Dino A. Christophilis and Daniel Tibeau represented the seller, LNR Partners. The buyer was Rhino Investments, a leading retail development firm based in Las Vegas, NV. Grants Pass Shopping Center is the latest addition to Rhino Investments’ portfolio of retail shopping centers in Washington and Oregon.

“We received an extraordinary level interest from over 200 potential buyers. We are delighted for both the buyer and seller, which resulted in excellent results all around,” said Mr. Christophilis, senior vice president at CBRE.

Located at 820-1160 NE D Street in Grants Pass, the property is 81% leased and totals 277,378 sq. ft. The shopping center recently added several national tenants including ULTA and TJ Maxx, and renewed 75,000 sq. ft. in leases. Other national tenants include Ross, Petco, Staples, Joann and Rite Aid.

Mr. Christophilis continued, “Grants Pass Shopping Center is the dominant retail property in the market with enormous growth opportunities. The property offers compelling rental upside and highlights the potential of well-located retail.”

Grants Pass Shopping Center is the only large-format shopping center in the region and presents opportunities for additional national retailers to serve the local community.