Oregon Shopping Center Changes Hands in $107M Deal
- Mar 20, 2017
Springfield, Ore.—An affiliate of Balboa Retail Partners has acquired the Shoppes at Gateway, an 821,564-square-foot institutional-quality, grocery-anchored shopping center in Springfield, from Rouse Properties LLC, for $107 million.
JLL represented the seller in the transaction and the deal was the largest single-property real estate deal in Lane County history.
“The property appealed to a wide range of investors given its visibility along the 5 freeway, diverse regionally focused tenant mix and demographic growth trends in the Eugene/Springfield MSA,” Geoff Tranchina, JLL’s executive vice president, told Commercial Property Executive. “Since the property was recently redeveloped, the new buyer has no immediate plans for future development.”
Located at 3000 Gateway St., the Shoppes at Gateway is anchored by Target, Walmart Neighborhood Market, Cabela’s, Kohl’s, Cinemark and Sears. The center also features national tenants including Marshalls, Ross, Petco, Ulta, Hobby Lobby, Ashley Furniture and a number of fast casual restaurants.
The property was constructed in 1990 and went by Gateway Mall. Rouse Properties acquired the center in 2011 and rebranded it as the Shoppes at Gateway. Two years later, it began a $45 million renovation, which included adding new stores and restaurants and transitioning most retailers so they had exterior storefronts.
Located in the heart of the Willamette Valley, less than three miles from the University of Oregon, the center offers more than a half-mile of direct frontage along Interstate 5, and benefits from exceptional access and visibility to more than 70,000 vehicles passing by daily and over 365,000 residents.
“JLL’s ability to sell the asset for Rouse and then also offer our third-party management services to the new owner demonstrates our ability to service clients across their spectrum of investments,” Tranchina added.